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

Key Points

• Primoris Services Co. (NASDAQ:PRIM) has received a consensus rating of "Moderate Buy" from nine research firms, with an average 1-year price target of approximately $99.44.
• Recently, the company reported earnings of $1.68 per share for the last quarter, exceeding analysts' expectations and showing a 20.9% increase in revenue year-over-year.
• Insider activity includes Director John P. Schauerman selling 20,000 shares at an average price of $114.01, reducing his ownership by 19.55% while retaining a significant stake in the company.

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $101.6667.

Several equities research analysts have issued reports on the stock. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. KeyCorp raised their price target on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. DA Davidson raised their target price on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Guggenheim raised their target price on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday.

Primoris Services Price Performance

NASDAQ PRIM traded down $1.6870 during trading hours on Monday, reaching $111.0830. The company's stock had a trading volume of 552,487 shares, compared to its average volume of 931,712. The stock has a market cap of $6.00 billion, a PE ratio of 36.78 and a beta of 1.44. Primoris Services has a fifty-two week low of $48.33 and a fifty-two week high of $115.99. The company's 50-day moving average is $89.76 and its two-hundred day moving average is $74.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period last year, the company earned $1.04 EPS. The firm's revenue for the quarter was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts forecast that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Insider Activity

In related news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the transaction, the director owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.

Institutional Trading of Primoris Services

A number of hedge funds have recently made changes to their positions in PRIM. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after buying an additional 347 shares in the last quarter. Brooklyn Investment Group raised its position in Primoris Services by 3,626.7% in the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after acquiring an additional 544 shares in the last quarter. Osterweis Capital Management Inc. acquired a new stake in Primoris Services during the 2nd quarter worth about $34,000. Public Employees Retirement System of Ohio grew its stake in Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after acquiring an additional 223 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after buying an additional 535 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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.