Primoris Services Co. (NASDAQ:PRIM) Given Consensus Recommendation of "Moderate Buy" by Analysts

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $85.75.

A number of brokerages have recently commented on PRIM. DA Davidson reiterated a "buy" rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. KeyCorp boosted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price on the stock. Guggenheim reissued a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, Piper Sandler boosted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at approximately $2,999,623.60. This represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently bought and sold shares of PRIM. Versant Capital Management Inc raised its holdings in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares in the last quarter. Brooklyn Investment Group raised its holdings in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after buying an additional 544 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after buying an additional 194 shares in the last quarter. Sound Income Strategies LLC bought a new position in Primoris Services during the first quarter valued at about $45,000. Finally, Farther Finance Advisors LLC raised its holdings in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after buying an additional 746 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $2.36 on Wednesday, reaching $76.05. 651,982 shares of the company traded hands, compared to its average volume of 772,808. Primoris Services has a fifty-two week low of $45.92 and a fifty-two week high of $90.86. The company's 50 day moving average is $65.00 and its 200-day moving average is $71.66. The stock has a market capitalization of $4.11 billion, a PE ratio of 25.18 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.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the firm earned $0.47 EPS. The company's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

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.