Primoris Services (NASDAQ:PRIM) Sets New 52-Week High – Should You Buy?

Shares of Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $86.20 and last traded at $85.49, with a volume of 67947 shares. The stock had previously closed at $84.40.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. Finally, UBS Group increased their price target 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. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $88.67.

Primoris Services Trading Up 0.7 %

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 firm has a market cap of $4.57 billion, a P/E ratio of 28.15 and a beta of 1.14. The company’s 50 day simple moving average is $80.61 and its 200-day simple moving average is $65.07.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during 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 firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.02 earnings per share. As a group, research analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date was Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.38%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is available at 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 transaction of $152,280.00. Following the completion of the sale, the director now 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 ownership of the stock. 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 over the last ninety days. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Marshall Wace LLP acquired a new position in Primoris Services during the second quarter valued at $28,089,000. Summit Partners Public Asset Management LLC lifted its position in Primoris Services by 80.6% during the third 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. BNP Paribas Financial Markets lifted its position in Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after purchasing an additional 208,920 shares during the period. Decade Renewable Partners LP acquired a new position in Primoris Services during the second quarter valued at $9,584,000. Finally, Yaupon Capital Management LP increased its holdings in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after buying an additional 154,627 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.