Primoris Services’ (PRIM) Neutral Rating Reiterated at JPMorgan Chase & Co.

JPMorgan Chase & Co. reiterated their neutral rating on shares of Primoris Services (NASDAQ:PRIM) in a research report sent to investors on Monday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has a $143.00 price target on the construction company’s stock, down from their previous price target of $145.00.

A number of other research analysts have also weighed in on the stock. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. Glj Research assumed coverage on shares of Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective for the company. Jefferies Financial Group restated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson increased their price target on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, KeyCorp lifted their price target on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $140.57.

Primoris Services Trading Up 1.1%

Shares of Primoris Services stock opened at $133.46 on Monday. Primoris Services has a twelve month low of $49.10 and a twelve 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 business has a 50-day moving average price of $131.18 and a 200-day moving average price of $109.89. The firm has a market cap of $7.21 billion, a price-to-earnings ratio of 44.19 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last announced 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 return on equity of 15.23% and a net margin of 2.68%.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 prior year, the company earned $1.22 earnings per share. The firm’s 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 research analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Insiders Place Their Bets

In other news, Director Patricia K. Wagner sold 13,491 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the transaction, the director directly owned 4,495 shares in the company, valued at approximately $562,908.85. This represents a 75.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This represents a 23.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 22,079 shares of company stock worth $2,798,583 in the last 90 days. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of PRIM. Hodges Capital Management Inc. acquired a new position in Primoris Services in the 2nd quarter worth approximately $3,320,000. Jump Financial LLC raised its holdings in shares of Primoris Services by 550.4% during the first quarter. Jump Financial LLC now owns 109,486 shares of the construction company’s stock worth $6,286,000 after purchasing an additional 92,652 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its holdings in shares of Primoris Services by 358.6% during the first quarter. Dynamic Technology Lab Private Ltd now owns 69,481 shares of the construction company’s stock worth $3,989,000 after purchasing an additional 54,331 shares during the last quarter. US Bancorp DE lifted its position in Primoris Services by 156.5% during the first quarter. US Bancorp DE now owns 4,820 shares of the construction company’s stock valued at $277,000 after purchasing an additional 2,941 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Primoris Services in the second quarter valued at $368,000. 91.82% of the stock is owned by hedge funds and other 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.