Primoris Services (NASDAQ:PRIM) Price Target Raised to $100.00 at UBS Group

Primoris Services (NASDAQ:PRIM) had its price target lifted by UBS Group from $75.00 to $100.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, DA Davidson raised their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Stock Performance

NASDAQ PRIM traded down $0.14 during trading hours on Thursday, hitting $78.77. 80,693 shares of the stock were exchanged, compared to its average volume of 581,838. Primoris Services has a 12-month low of $29.14 and a 12-month high of $83.40. The stock has a 50-day moving average of $62.23 and a 200 day moving average of $55.69. The company has a market cap of $4.23 billion, a price-to-earnings ratio of 22.12 and a beta of 1.05. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share. As a group, equities research analysts forecast that Primoris Services will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,391 shares of company stock valued at $3,227,734 in the last quarter. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. boosted its holdings in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC increased its holdings in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the second quarter valued at approximately $70,000. Finally, Canton Hathaway LLC acquired a new position in Primoris Services during the 2nd quarter worth $100,000. 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.