Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $103.70

Key Points

• Primoris Services Co. (NASDAQ:PRIM) has received an average analyst rating of "Moderate Buy", with three hold and eight buy ratings, and a 1-year price target of $103.70.
• The company reported strong quarterly earnings, with $1.68 EPS against an expected $1.10, and a revenue increase of 20.9% year-over-year.
• Primoris Services has announced a quarterly dividend of $0.08 per share, representing an annualized dividend yield of 0.3%.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) has been given an average rating of "Moderate Buy" by the eleven ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $103.70.

A number of research firms have issued reports on PRIM. Guggenheim boosted their price target on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. UBS Group raised their target price on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Mizuho started coverage on Primoris Services in a report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price target for the company. Zacks Research lowered Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. Finally, JPMorgan Chase & Co. upped their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd.

Primoris Services Trading Down 0.6%

Shares of NASDAQ PRIM traded down $0.76 during midday trading on Friday, reaching $122.00. 646,205 shares of the stock were exchanged, compared to its average volume of 919,655. The company has a market capitalization of $6.59 billion, a P/E ratio of 40.40 and a beta of 1.42. Primoris Services has a 52-week low of $49.10 and a 52-week high of $124.77. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average price of $103.86 and a 200-day moving average price of $80.02.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the firm posted $1.04 earnings per share. The company's quarterly revenue 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. Equities research analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio is presently 7.26%.

Insider Activity

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its position in shares of Primoris Services by 53.3% in the 2nd quarter. Osaic Holdings Inc. now owns 20,425 shares of the construction company's stock valued at $1,490,000 after purchasing an additional 7,104 shares during the period. Hohimer Wealth Management LLC acquired a new position in shares of Primoris Services in the 2nd quarter valued at $201,000. Public Sector Pension Investment Board lifted its stake in Primoris Services by 0.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 119,101 shares of the construction company's stock worth $9,283,000 after acquiring an additional 334 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Primoris Services by 15.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,065 shares of the construction company's stock worth $1,099,000 after acquiring an additional 1,877 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Primoris Services by 506.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,426 shares of the construction company's stock worth $579,000 after acquiring an additional 6,202 shares in the last quarter. Institutional investors 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.