Primoris Services (NASDAQ:PRIM) Sets New 52-Week High at $43.57

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $43.57 and last traded at $43.53, with a volume of 72438 shares. The stock had previously closed at $42.25.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. StockNews.com lowered shares of Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. The Goldman Sachs Group upped their price target on shares of Primoris Services from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Thursday, February 29th. Finally, DA Davidson upped their price target on shares of Primoris Services from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday, February 28th.

Primoris Services Stock Up 7.8 %

The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 19.46 and a beta of 1.19. The firm's fifty day moving average is $38.59 and its two-hundred day moving average is $34.11. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.21. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The company's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.93 earnings per share. On average, sell-side analysts expect that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Wednesday, March 27th. Primoris Services's payout ratio is currently 10.34%.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares of the company's stock, valued at approximately $9,635,981.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $40.61, for a total value of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares of the company's stock, valued at approximately $9,635,981.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the company's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer now directly owns 9,068 shares of the company's stock, valued at $362,720. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock valued at $2,040,125 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

Hedge funds have recently bought and sold shares of the company. CWM LLC lifted its stake in Primoris Services by 85.1% during the fourth quarter. CWM LLC now owns 855 shares of the construction company's stock valued at $28,000 after buying an additional 393 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in Primoris Services during the third quarter valued at about $38,000. Point72 Hong Kong Ltd purchased a new stake in Primoris Services during the fourth quarter valued at about $43,000. Group One Trading L.P. purchased a new stake in Primoris Services during the third quarter valued at about $44,000. Finally, Tower Research Capital LLC TRC lifted its stake in Primoris Services by 47.5% during the first quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company's stock valued at $35,000 after buying an additional 466 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.