Primoris Services (NASDAQ:PRIM) Hits New 12-Month High - Time to Buy?

Key Points

• Primoris Services' stock recently reached a new 52-week high at $141.52, with a market cap of $7.55 billion and a price-to-earnings ratio of 46.31.
• Analysts have largely rated the stock a Buy, with nine analysts recommending it and a consensus target price of $113.18.
• The company recently declared a quarterly dividend of $0.08 per share, representing a yield of 0.2%, with a low dividend payout ratio of 7.26%.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The company traded as high as $141.52 and last traded at $140.61, with a volume of 209723 shares. The stock had previously closed at $136.86.

Analyst Ratings Changes

A number of analysts recently weighed in on PRIM shares. DA Davidson boosted their target price on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Mizuho assumed coverage on shares of Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective for the company. Glj Research began coverage on shares of Primoris Services in a report on Monday, September 22nd. They set a "buy" rating and a $160.00 target price on the stock. KeyCorp boosted their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Finally, Guggenheim raised their price objective on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $113.18.

Primoris Services Stock Performance

The business's 50-day moving average price is $118.04 and its 200-day moving average price is $87.51. 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 $7.55 billion, a P/E ratio of 46.31 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its 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 company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same quarter last year, the business earned $1.04 EPS. The firm'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. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. Primoris Services's dividend payout ratio is presently 7.26%.

Insider Activity at Primoris Services

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Horizons Wealth Management boosted its position in Primoris Services by 134.9% during the third quarter. Horizons Wealth Management now owns 9,338 shares of the construction company's stock valued at $1,282,000 after purchasing an additional 5,362 shares in the last quarter. Osaic Holdings Inc. boosted its holdings 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 buying an additional 7,104 shares in the last quarter. Hohimer Wealth Management LLC purchased a new position in shares of Primoris Services in the 2nd quarter worth approximately $201,000. Public Sector Pension Investment Board raised its stake in shares of Primoris Services by 0.3% during 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. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Primoris Services by 15.4% during 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. 91.82% of the stock is owned by 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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