Primoris Services (NASDAQ:PRIM) Hits New 12-Month High - Here's Why

Key Points

• Primoris Services hit a new 12-month high with stock trading at $135.77, following an increase in trading volume and analyst activity.
• Analysts have varied opinions on the stock, with one reducing their rating to "hold" while others set higher price targets, with a consensus target of $108.82.
• The company recently announced a quarterly dividend of $0.08 per share, reflecting strong financial performance with a rise in revenue to $1.89 billion for the last quarter.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $135.77 and last traded at $134.68, with a volume of 993194 shares traded. The stock had previously closed at $133.42.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PRIM shares. Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Glj Research started coverage on Primoris Services in a report on Monday, September 22nd. They set a "buy" rating and a $160.00 price target for the company. KeyCorp raised their price target on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. JPMorgan Chase & Co. raised their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, DA Davidson raised their price target on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $108.82.

Primoris Services Trading Up 0.9%

The stock has a fifty day moving average of $113.21 and a 200-day moving average of $84.91. 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 company has a market cap of $7.27 billion, a PE ratio of 44.60 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted 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. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Primoris Services's 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. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm 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 dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services's payout ratio is presently 7.26%.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director directly owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock worth $3,004,821 in the last quarter. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. raised its position in Primoris Services by 53.3% during 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 in the last quarter. Hohimer Wealth Management LLC bought a new stake in Primoris Services during the 2nd quarter valued at $201,000. Public Sector Pension Investment Board raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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. 91.82% of the stock is owned by institutional investors.

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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