Primoris Services Co. (NASDAQ:PRIM) Receives Consensus Rating of "Moderate Buy" from Brokerages

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the eight brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $85.75.

PRIM has been the subject of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. Piper Sandler boosted their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Guggenheim reaffirmed a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp lifted their target price on shares of Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th.

Primoris Services Stock Up 1.0%

Shares of PRIM stock traded up $0.73 during trading hours on Wednesday, hitting $73.71. 573,301 shares of the company's stock traded hands, compared to its average volume of 771,651. Primoris Services has a 12-month low of $45.92 and a 12-month high of $90.86. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 24.41 and a beta of 1.33. The stock's fifty day simple moving average is $64.30 and its two-hundred day simple moving average is $71.73. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, June 30th. Primoris Services's payout ratio is 8.47%.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company's stock, valued at $2,999,623.60. The trade was a 56.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently modified their holdings of PRIM. Barclays PLC boosted its holdings in Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company's stock worth $6,628,000 after buying an additional 81,111 shares during the period. Janney Montgomery Scott LLC bought a new position in Primoris Services in the 4th quarter worth $436,000. KBC Group NV boosted its holdings in Primoris Services by 26.2% in the 4th quarter. KBC Group NV now owns 2,273 shares of the construction company's stock worth $174,000 after buying an additional 472 shares during the period. DAVENPORT & Co LLC boosted its holdings in Primoris Services by 9.6% in the 4th quarter. DAVENPORT & Co LLC now owns 12,893 shares of the construction company's stock worth $985,000 after buying an additional 1,134 shares during the period. Finally, Jennison Associates LLC bought a new position in Primoris Services in the 4th quarter worth $429,000. Institutional investors 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.