Primoris Services Co. (NASDAQ:PRIM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Primoris Services Co. (NASDAQ:PRIM) has earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $125.1667.

A number of research firms have issued reports on PRIM. Zacks Research downgraded shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Jefferies Financial Group increased their target price on shares of Primoris Services from $128.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 price target on the stock. UBS Group raised their price target on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Finally, Roth Capital began coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 price target on the stock.

Primoris Services Stock Up 2.7%

PRIM stock opened at $136.31 on Tuesday. Primoris Services has a 12-month low of $49.10 and a 12-month high of $142.84. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 45.13 and a beta of 1.43. The company has a 50 day moving average of $122.40 and a two-hundred day moving average of $90.15.

Primoris Services (NASDAQ:PRIM) last released its 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 net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. The company’s revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is currently 7.26%.

Insider Activity

In other news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of the firm’s 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 owned 9,534 shares in the company, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,941 shares of company stock worth $3,004,821. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group raised its holdings in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after acquiring an additional 544 shares during the period. Osterweis Capital Management Inc. bought a new position in Primoris Services in the 2nd quarter worth $34,000. Public Employees Retirement System of Ohio raised its holdings in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock worth $38,000 after acquiring an additional 223 shares during the period. Parallel Advisors LLC raised its holdings in Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after acquiring an additional 535 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after acquiring an additional 194 shares during the period. Institutional investors own 91.82% of the company’s stock.

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.