Guggenheim reissued their buy rating on shares of Primoris Services (NASDAQ:PRIM - Free Report) in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a $110.00 price target on the construction company's stock.
A number of other research firms also recently weighed in on PRIM. KeyCorp increased their price target on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday. Piper Sandler increased their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Primoris Services has an average rating of "Moderate Buy" and an average target price of $90.22.
Read Our Latest Research Report on PRIM
Primoris Services Price Performance
Shares of NASDAQ PRIM traded up $1.95 on Thursday, hitting $87.45. The company's stock had a trading volume of 860,090 shares, compared to its average volume of 785,476. Primoris Services has a 12-month low of $45.92 and a 12-month high of $90.86. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 28.96 and a beta of 1.37. 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 stock has a 50 day moving average of $76.99 and a 200-day moving average of $71.36.
Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 earnings per share. As a group, research analysts predict that Primoris Services will post 3.26 EPS for the current year.
Primoris Services Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.37%. Primoris Services's dividend payout ratio (DPR) is 8.47%.
Insider Activity
In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.90% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the company. Nuveen LLC purchased a new position in Primoris Services during the first quarter valued at approximately $111,497,000. Alliancebernstein L.P. grew its position in Primoris Services by 2,302.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after purchasing an additional 980,940 shares in the last quarter. Millennium Management LLC grew its position in Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after purchasing an additional 527,240 shares in the last quarter. Finally, Invesco Ltd. grew its position in Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after purchasing an additional 430,589 shares in the last quarter. 91.82% of the stock is 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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