Primoris Services (NASDAQ:PRIM) Hits New 12-Month High at $48.40

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $48.40 and last traded at $47.23, with a volume of 30587 shares. The stock had previously closed at $47.03.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRIM. UBS Group upped their price objective on Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a report on Friday, April 5th. The Goldman Sachs Group increased their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a "neutral" rating in a research report on Thursday, April 4th. DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Thursday, April 4th. Finally, StockNews.com cut shares of Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th.

Primoris Services Stock Up 0.6 %

The stock's 50 day simple moving average is $42.75 and its two-hundred day simple moving average is $36.13. The firm has a market cap of $2.54 billion, a P/E ratio of 20.39 and a beta of 1.14. 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 announced its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The business had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.55 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. As a group, research analysts forecast that Primoris Services Co. will post 2.61 earnings per share for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.51%. Primoris Services's dividend payout ratio is currently 10.34%.

Insiders Place Their Bets

In other news, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the sale, the chief accounting officer now owns 9,068 shares in the company, valued at $362,720. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the sale, the director now directly owns 29,217 shares in the company, valued at $1,188,839.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total transaction of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at approximately $362,720. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,000 shares of company stock valued at $2,040,125. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its position in Primoris Services by 177.3% during the first quarter. GSA Capital Partners LLP now owns 54,510 shares of the construction company's stock valued at $2,320,000 after acquiring an additional 34,851 shares during the last quarter. Thompson Davis & CO. Inc. boosted its stake in shares of Primoris Services by 57.1% during the 1st quarter. Thompson Davis & CO. Inc. now owns 20,075 shares of the construction company's stock worth $855,000 after acquiring an additional 7,300 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Primoris Services by 339.4% during the 1st quarter. Principal Financial Group Inc. now owns 29,332 shares of the construction company's stock valued at $1,249,000 after acquiring an additional 22,656 shares during the period. Freedom Day Solutions LLC increased its stake in shares of Primoris Services by 128.5% in the 1st quarter. Freedom Day Solutions LLC now owns 45,795 shares of the construction company's stock worth $1,949,000 after purchasing an additional 25,750 shares in the last quarter. Finally, Simplicity Wealth LLC bought a new position in Primoris Services in the 1st quarter worth $207,000. Institutional investors own 91.82% of the company's stock.

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.

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