Brokerages Set Primoris Services Co. (NASDAQ:PRIM) PT at $91.56

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) has earned a consensus rating of "Moderate Buy" from the nine ratings firms that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $91.56.

PRIM has been the topic of several recent research reports. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Piper Sandler raised their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Finally, KeyCorp increased their price target on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the sale, the director owned 102,281 shares in the company, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Brooklyn Investment Group boosted its stake in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after buying an additional 544 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after buying an additional 223 shares in the last quarter. Parallel Advisors LLC boosted its stake in Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after buying an additional 535 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after buying an additional 194 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Trading Up 3.3%

Shares of PRIM traded up $2.99 during midday trading on Thursday, hitting $92.92. The stock had a trading volume of 772,997 shares, compared to its average volume of 914,902. Primoris Services has a fifty-two week low of $45.92 and a fifty-two week high of $93.84. The business has a 50-day simple moving average of $78.85 and a two-hundred day simple moving average of $71.78. The firm has a market cap of $5.02 billion, a P/E ratio of 30.77 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates 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 was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. As a group, equities analysts forecast that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.34%. Primoris Services's dividend payout ratio (DPR) is presently 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.