Primoris Services (NASDAQ:PRIM) Sets New 1-Year High – Here’s What Happened

Primoris Services Co. (NASDAQ:PRIM) reached a new 52-week high on Thursday . The company traded as high as $90.86 and last traded at $87.90, with a volume of 645313 shares trading hands. The stock had previously closed at $89.03.

Analyst Ratings Changes

A number of research firms have recently issued reports on PRIM. UBS Group upped their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Guggenheim began coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target on the stock. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Primoris Services has an average rating of “Buy” and an average price target of $88.67.

Primoris Services Trading Down 1.3 %

The company has a market capitalization of $4.72 billion, a PE ratio of 29.11 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm’s 50 day moving average is $81.03 and its 200 day moving average is $65.88.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the business posted $1.02 earnings per share. Primoris Services’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities analysts predict that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.08 per share. The ex-dividend date was Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.36%. Primoris Services’s payout ratio is 10.60%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock valued at $1,854,974 over the last quarter. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. TD Private Client Wealth LLC increased its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. Virtue Capital Management LLC lifted its holdings in shares of Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Primoris Services in the 4th quarter worth approximately $27,000. Finally, KBC Group NV grew its stake in shares of Primoris Services by 28.5% in the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after buying an additional 399 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

About Primoris Services

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.