Primoris Services (NASDAQ:PRIM) Price Target Raised to $158.00

Primoris Services (NASDAQ:PRIM) had its price target lifted by UBS Group from $135.00 to $158.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other brokerages have also recently weighed in on PRIM. KeyCorp raised their target price on Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. raised their target price on Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. Mizuho started coverage on Primoris Services in a research note on Thursday, September 4th. They set a “neutral” rating and a $112.00 target price for the company. Glj Research started coverage on Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 target price for the company. Finally, Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and a consensus price target of $113.18.

Primoris Services Trading Down 1.5%

Shares of PRIM stock opened at $137.00 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a 1 year low of $49.10 and a 1 year high of $141.27. The stock has a fifty day moving average of $117.09 and a two-hundred day moving average of $86.67. The firm has a market capitalization of $7.40 billion, a PE ratio of 45.36 and a beta of 1.43.

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

Primoris Services Announces Dividend

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

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director owned 9,534 shares of the company’s stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock valued at $3,004,821 over the last three months. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently bought and sold shares of the business. Nuveen LLC acquired a new stake in Primoris Services during the 1st quarter worth about $111,497,000. First Trust Advisors LP raised its stake in shares of Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after purchasing an additional 660,915 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after purchasing an additional 980,940 shares in the last quarter. State Street Corp raised its stake in shares of Primoris Services by 2.6% during the 2nd quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock worth $103,058,000 after purchasing an additional 33,399 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Primoris Services by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after purchasing an additional 24,254 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

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.