Primoris Services (NASDAQ:PRIM) Shares Gap Up – Here’s What Happened

Primoris Services Co. (NASDAQ:PRIM) shares gapped up before the market opened on Monday . The stock had previously closed at $125.66, but opened at $133.38. Primoris Services shares last traded at $135.4930, with a volume of 361,134 shares.

Analyst Upgrades and Downgrades

Several brokerages have commented on PRIM. Glj Research initiated coverage on Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 target price for the company. KeyCorp boosted their price objective on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. DA Davidson upped their target price on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. Finally, The Goldman Sachs Group began coverage on shares of Primoris Services in a research report on Monday, November 24th. They set a “sell” rating and a $117.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $140.57.

Primoris Services Stock Performance

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 stock has a market cap of $7.30 billion, a PE ratio of 44.73 and a beta of 1.37. The company’s 50-day moving average price is $131.43 and its two-hundred day moving average price is $108.84.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The firm’s quarterly revenue was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities research analysts forecast that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s payout ratio is presently 6.31%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the transaction, the director directly owned 4,495 shares of the company’s stock, valued at approximately $562,908.85. This trade represents a 75.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. The trade was a 14.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,932 shares of company stock valued at $2,869,099 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nuveen LLC purchased a new position in shares of Primoris Services in the first quarter worth about $111,497,000. First Trust Advisors LP increased its stake in Primoris Services by 56.4% in 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 during the period. Fuller & Thaler Asset Management Inc. lifted its position in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock valued at $102,412,000 after purchasing an additional 980,940 shares during the last quarter. State Street Corp boosted its stake in shares of Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after purchasing an additional 33,399 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Primoris Services by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after purchasing an additional 24,254 shares during the period. 91.82% of the stock is owned by institutional investors.

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.