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

Key Points

• Primoris Services stock reached a new 52-week high of $113.97, reflecting a strong increase from its previous closing price of $111.21.
• Analysts have issued a consensus rating of "Moderate Buy" for Primoris Services, with a price target ranging from $98.00 to $119.00 across various reports.
• The company reported a quarterly EPS of $1.68, significantly exceeding analysts' expectations and reflecting a 20.9% increase in revenue year-over-year.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The company traded as high as $113.97 and last traded at $113.96, with a volume of 206606 shares. The stock had previously closed at $111.21.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of research reports. KeyCorp raised their target price on shares of Primoris Services from $98.00 to $119.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. UBS Group boosted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Piper Sandler boosted their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Janney Montgomery Scott started coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services Stock Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 38.02 and a beta of 1.44. The firm's fifty day moving average is $85.10 and its 200 day moving average is $73.01.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data 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 return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the company posted $1.04 earnings per share. The firm's revenue was up 20.9% on a year-over-year basis. On average, analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. O Shaughnessy Asset Management LLC acquired a new stake in Primoris Services in the 4th quarter worth approximately $216,000. Envestnet Asset Management Inc. lifted its holdings in Primoris Services by 58.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 40,230 shares of the construction company's stock worth $3,074,000 after purchasing an additional 14,877 shares during the last quarter. Legal & General Group Plc lifted its holdings in Primoris Services by 1.0% in the 4th quarter. Legal & General Group Plc now owns 66,522 shares of the construction company's stock worth $5,082,000 after purchasing an additional 646 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Primoris Services in the 4th quarter worth approximately $21,199,000. Finally, Scotia Capital Inc. acquired a new stake in Primoris Services in the 4th quarter worth approximately $981,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.

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