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

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

Several research firms recently weighed in on PRIM. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler increased their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. 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 report on Wednesday, May 7th. Finally, 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 on the stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. The trade was a 56.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock valued at $4,310,043 over the last ninety days. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of PRIM. USA Financial Formulas bought a new position in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc increased its holdings in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares during the period. Sound Income Strategies LLC bought a new position in shares of Primoris Services in the 1st quarter worth $45,000. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Finally, Principal Securities Inc. lifted its stake in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after purchasing an additional 343 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 3.8%

Shares of Primoris Services stock traded up $2.59 during trading on Friday, reaching $70.89. The company's stock had a trading volume of 952,237 shares, compared to its average volume of 742,372. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 23.47 and a beta of 1.33. Primoris Services has a 52-week low of $45.92 and a 52-week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm's 50-day moving average is $60.87 and its two-hundred day moving average is $71.64.

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

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date is Monday, June 30th. Primoris Services's dividend payout ratio is 8.47%.

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.