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

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

Several research firms recently commented on PRIM. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, April 10th. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price objective for the company. Piper Sandler upped their target price on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, KeyCorp increased their price objective on Primoris Services from $67.00 to $74.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th.

Primoris Services Trading Down 2.0%

Primoris Services stock traded down $1.63 during midday trading on Friday, reaching $78.34. The stock had a trading volume of 50,699 shares, compared to its average volume of 772,452. The firm's fifty day simple moving average is $70.74 and its two-hundred day simple moving average is $70.80. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 25.99 and a beta of 1.37. Primoris Services has a twelve month low of $45.92 and a twelve month high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

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 for the quarter, beating the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm earned $0.47 earnings per share. Primoris Services's quarterly revenue was up 16.7% on a year-over-year basis. Equities analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. Primoris Services's payout ratio is presently 8.47%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares in the last quarter. QRG Capital Management Inc. raised its position in Primoris Services by 6.1% in the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after purchasing an additional 4,623 shares during the last quarter. SG Americas Securities LLC bought a new position in Primoris Services in the 1st quarter valued at $1,070,000. Hsbc Holdings PLC increased its stake in shares of Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after buying an additional 19,530 shares during the period. Finally, GAMMA Investing LLC lifted its position in Primoris Services by 7,798.2% during the 1st quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after purchasing an additional 12,867 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.