Brokerages Set Primoris Services Co. (NASDAQ:PRIM) PT at $86.00

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned a consensus rating of “Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $86.00.

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. began 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 raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. DA Davidson increased their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, KeyCorp assumed coverage on Primoris Services in a research note on Wednesday. They issued an “overweight” rating and a $96.00 price target for the company.

Primoris Services Stock Down 0.4 %

Shares of PRIM stock opened at $79.40 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The firm has a market capitalization of $4.26 billion, a PE ratio of 26.29 and a beta of 1.12. The stock’s 50-day simple moving average is $73.06 and its 200-day simple moving average is $60.32.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. Equities analysts expect that Primoris Services will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.40%. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is presently 7.95%.

Insider Transactions at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, 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 through the SEC website. Also, Director David Lee King sold 2,000 shares of the business’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 transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares in the company, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,018 shares of company stock worth $3,336,224 in the last 90 days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently made changes to their positions in PRIM. Geode Capital Management LLC lifted its stake in Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after purchasing an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC raised its holdings in shares of Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares during the period. Yaupon Capital Management LP lifted its stake in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after acquiring an additional 91,235 shares during the period. Finally, Marshall Wace LLP acquired a new position in Primoris Services in the 2nd quarter valued at about $28,089,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.