Primoris Services (NASDAQ:PRIM) Price Target Raised to $150.00

Primoris Services (NASDAQ:PRIM) had its price target lifted by DA Davidson from $125.00 to $150.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other analysts have also weighed in on the company. KeyCorp increased their price objective on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research note on Wednesday. UBS Group raised their price target on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Glj Research initiated coverage on shares of Primoris Services in a research report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective on the stock. Guggenheim reiterated a “neutral” rating on shares of Primoris Services in a report on Wednesday, October 15th. Finally, JPMorgan Chase & Co. upped their price target on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $142.92.

Primoris Services Trading Down 1.0%

Shares of PRIM stock opened at $125.31 on Wednesday. The business has a 50-day moving average price of $131.43 and a two-hundred day moving average price of $100.56. Primoris Services has a 12-month low of $49.10 and a 12-month high of $146.16. 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 firm has a market cap of $6.77 billion, a P/E ratio of 41.49 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction that occurred 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 25,941 shares of company stock valued at $3,004,821 in the last three months. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRIM. SBI Securities Co. Ltd. raised its position in Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after acquiring an additional 148 shares during the period. Brooklyn Investment Group lifted its position in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after purchasing an additional 544 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in Primoris Services during the second quarter valued at about $34,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Primoris Services in the third quarter worth about $37,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Primoris Services in the third quarter worth about $37,000. Hedge funds and other 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.