Primoris Services (NASDAQ:PRIM) Sets New 12-Month High – Here’s Why

Primoris Services Co. (NASDAQ:PRIM) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $135.77 and last traded at $134.68, with a volume of 993194 shares traded. The stock had previously closed at $133.42.

Analyst Ratings Changes

PRIM has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price objective for the company. UBS Group lifted their target price on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday. Glj Research assumed coverage on shares of Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 target price on the stock. Finally, Mizuho assumed coverage on shares of Primoris Services in a research note on Thursday, September 4th. They set a “neutral” rating and a $112.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Primoris Services currently has an average rating of “Moderate Buy” and an average target price of $113.18.

Primoris Services Trading Up 1.9%

The stock has a market cap of $7.56 billion, a P/E ratio of 46.33 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm’s fifty day simple moving average is $115.23 and its 200-day simple moving average is $85.65.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is currently 7.26%.

Insiders Place Their Bets

In related news, Director Michael E. Ching sold 2,935 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the transaction, the director directly owned 9,534 shares of the company’s stock, valued at $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company’s stock, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,941 shares of company stock worth $3,004,821. 0.90% of the stock is owned by corporate insiders.

Institutional Trading of Primoris Services

Several large investors have recently made changes to their positions in PRIM. Osaic Holdings Inc. raised its stake in Primoris Services by 53.3% during the 2nd quarter. Osaic Holdings Inc. now owns 20,425 shares of the construction company’s stock worth $1,490,000 after buying an additional 7,104 shares during the period. Hohimer Wealth Management LLC bought a new stake in shares of Primoris Services during the second quarter valued at approximately $201,000. Public Sector Pension Investment Board raised its position in shares of Primoris Services by 0.3% during the second quarter. Public Sector Pension Investment Board now owns 119,101 shares of the construction company’s stock worth $9,283,000 after purchasing an additional 334 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Primoris Services by 15.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,065 shares of the construction company’s stock worth $1,099,000 after purchasing an additional 1,877 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Primoris Services by 506.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,426 shares of the construction company’s stock valued at $579,000 after purchasing an additional 6,202 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.