Primoris Services Co. (NASDAQ:PRIM) Receives $86.00 Consensus PT from Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM) have been given an average recommendation of “Buy” by the five analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $86.00.

A number of research analysts have recently commented on PRIM shares. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 4,018 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now directly owns 7,908 shares of the company’s stock, valued at $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,018 shares of company stock valued at $1,854,974 in the last quarter. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP bought a new position in shares of Primoris Services in the 2nd quarter worth approximately $28,089,000. Summit Partners Public Asset Management LLC raised its position in shares of Primoris Services by 80.6% during 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 purchasing an additional 374,926 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP bought a new position in Primoris Services in the 2nd quarter worth $9,584,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

PRIM opened at $78.19 on Friday. The firm’s fifty day moving average price is $78.97 and its two-hundred day moving average price is $63.43. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 25.89 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. Primoris Services has a 1 year low of $31.06 and a 1 year high of $84.97.

Primoris Services (NASDAQ:PRIM) last announced 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. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 EPS. As a group, analysts anticipate that Primoris Services will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is presently 10.60%.

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.