Primoris Services (NASDAQ:PRIM) Shares Gap Up After Analyst Upgrade

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s share price gapped up before the market opened on Thursday after The Goldman Sachs Group raised their price target on the stock from $38.00 to $43.00. The stock had previously closed at $45.53, but opened at $47.20. The Goldman Sachs Group currently has a neutral rating on the stock. Primoris Services shares last traded at $46.27, with a volume of 44,867 shares.

Other analysts have also recently issued reports about the company. DA Davidson boosted their price objective on Primoris Services from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday. StockNews.com cut Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th.

Insider Activity

In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $40.61, for a total transaction of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares in the company, valued at $9,635,981.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $40.61, for a total transaction of $812,200.00. Following the completion of the sale, the director now directly owns 237,281 shares in the company, valued at $9,635,981.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,500 shares of the business's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the transaction, the director now directly owns 29,217 shares in the company, valued at approximately $1,188,839.73. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock worth $2,040,125 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Primoris Services

Large investors have recently added to or reduced their stakes in the stock. CWM LLC grew its holdings in Primoris Services by 85.1% in the 4th 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. Tower Research Capital LLC TRC grew its holdings in Primoris Services by 47.5% in the 1st 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. Lazard Asset Management LLC purchased a new stake in Primoris Services in the 3rd quarter valued at $38,000. Point72 Hong Kong Ltd purchased a new position in shares of Primoris Services during the 4th quarter worth $43,000. Finally, Group One Trading L.P. purchased a new position in shares of Primoris Services during the 3rd quarter worth $44,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 0.9 %

The firm has a market capitalization of $2.42 billion, a PE ratio of 19.46 and a beta of 1.19. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The business has a fifty day moving average price of $39.10 and a two-hundred day moving average price of $34.27.

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

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Wednesday, March 27th. Primoris Services's dividend payout ratio is presently 10.34%.

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.