Primoris Services (NASDAQ:PRIM) Reaches New 1-Year High at $53.49

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.49 and last traded at $53.49, with a volume of 25730 shares trading hands. The stock had previously closed at $52.40.

Analyst Upgrades and Downgrades

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

Primoris Services Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38. The firm's 50-day moving average price is $45.58 and its 200 day moving average price is $38.12. The firm has a market cap of $2.83 billion, a P/E ratio of 19.88 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.39. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The firm had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.38 billion. During the same quarter last year, the company posted $0.18 earnings per share. Primoris Services's revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that Primoris Services Co. will post 2.67 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.06 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. Primoris Services's payout ratio is currently 9.06%.

Insider Activity at Primoris Services

In related news, insider John M. Perisich sold 13,448 shares of the firm's stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $49.34, for a total transaction of $663,524.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $51.92, for a total value of $778,800.00. Following the transaction, the director now owns 202,281 shares in the company, valued at $10,502,429.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John M. Perisich sold 13,448 shares of Primoris Services stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $49.34, for a total transaction of $663,524.32. The disclosure for this sale can be found here. Insiders have sold 88,448 shares of company stock worth $3,977,149 over the last quarter. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Tidal Investments LLC boosted its stake in shares of Primoris Services by 240.0% during the 1st quarter. Tidal Investments LLC now owns 28,560 shares of the construction company's stock valued at $1,216,000 after buying an additional 20,160 shares during the period. Jane Street Group LLC raised its holdings in shares of Primoris Services by 384.8% during the 1st quarter. Jane Street Group LLC now owns 115,803 shares of the construction company's stock valued at $4,930,000 after purchasing an additional 91,915 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Primoris Services by 185.7% during the 1st quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company's stock valued at $2,758,000 after purchasing an additional 42,112 shares in the last quarter. Morse Asset Management Inc bought a new position in shares of Primoris Services during the 1st quarter valued at $349,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Primoris Services by 3.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,334 shares of the construction company's stock valued at $2,953,000 after purchasing an additional 2,391 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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.