Primoris Services (NASDAQ:PRIM) Hits New 1-Year High - Here's What Happened

Key Points

• Primoris Services shares reached a new 52-week high of $143.60, closing at $141.74 with significant trading volume of 132,981 shares.
• Brokerages have shown mixed sentiment, with Zacks lowering its rating from "strong-buy" to "hold," while UBS raised its price target to $158.00, maintaining a "buy" rating.
• The company reported strong quarterly earnings of $1.68 per share, exceeding estimates, and announced a quarterly dividend of $0.08, reflecting a low payout ratio of 7.26%.

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $143.60 and last traded at $141.74, with a volume of 132981 shares changing hands. The stock had previously closed at $136.12.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRIM. Zacks Research lowered shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. UBS Group boosted their price objective on shares of Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a report on Wednesday, October 1st. Roth Capital began coverage on shares of Primoris Services in a report on Thursday, October 9th. They issued a "buy" rating and a $170.00 price objective for the company. Jefferies Financial Group boosted their price objective on shares of Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $128.00 to $141.00 and gave the stock an "overweight" rating in a report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $133.92.

Primoris Services Stock Performance

The business's 50-day moving average price is $126.52 and its 200-day moving average price is $94.16. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $7.71 billion, a P/E ratio of 47.17 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, sell-side analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.08 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services's payout ratio is presently 7.26%.

Insiders Place Their Bets

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,941 shares of company stock worth $3,004,821 in the last 90 days. 0.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Blue Trust Inc. raised its position in shares of Primoris Services by 130.9% during the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after buying an additional 1,279 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Primoris Services during the 1st quarter valued at about $231,000. Moran Wealth Management LLC purchased a new stake in shares of Primoris Services during the 1st quarter valued at about $555,000. Total Wealth Planning & Management Inc. raised its position in shares of Primoris Services by 5.4% during the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company's stock valued at $536,000 after buying an additional 475 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after buying an additional 3,561 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

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