Primoris Services (NASDAQ:PRIM) Trading 5% Higher – Should You Buy?

by · The Markets Daily

Primoris Services Co. (NASDAQ:PRIM – Get Free Report)’s share price shot up 5% during trading on Thursday . The stock traded as high as $81.81 and last traded at $81.80. 30,365 shares were traded during trading, a decline of 95% from the average session volume of 582,102 shares. The stock had previously closed at $77.88.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. UBS Group raised 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group raised 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 raised their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $86.00.

Get Our Latest Stock Analysis on PRIM

Primoris Services Trading Up 0.8 %

The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.33 billion, a P/E ratio of 26.71 and a beta of 1.12. The stock has a 50 day moving average of $74.62 and a 200-day moving average of $61.02.

Primoris Services (NASDAQ:PRIM – Get Free Report) last announced its quarterly earnings data 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. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company posted $1.02 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts predict that Primoris Services Co. will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The business 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 dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.40%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now owns 25,818 shares in the company, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew its holdings in Primoris Services by 45.0% in the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after purchasing an additional 15,710 shares during the last quarter. TD Private Client Wealth LLC grew 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 worth $69,000 after acquiring an additional 230 shares during the last quarter. Virtue Capital Management LLC raised its position in shares of Primoris Services by 2.1% in the 3rd 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. Geode Capital Management LLC boosted its stake in Primoris Services by 1.3% in the 3rd 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. Finally, Vestcor Inc acquired a new position in Primoris Services during the 3rd quarter valued at approximately $925,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

About Primoris Services

(Get Free Report)

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.

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