Primoris Services (NASDAQ:PRIM) Hits New 52-Week High - Here's What Happened

Key Points

• Primoris Services shares reached a new 52-week high of $135.73, closing at $132.61, with significant trading volume of over 1 million shares.
• Analysts have positively rated the stock, with revised price targets ranging up to$160.00, indicating strong future expectations for the company's performance.
• The company reported a quarterly earnings beat with $1.68 EPS, surpassing estimates, alongside a revenue growth of 20.9% compared to the previous year.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $135.73 and last traded at $132.61, with a volume of 1061938 shares changing hands. The stock had previously closed at $133.04.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on 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. Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price on the stock. UBS Group lifted their price target on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Glj Research initiated coverage on shares of Primoris Services in a report on Monday. They issued a "buy" rating and a $160.00 price objective on the stock. Finally, DA Davidson raised their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $108.82.

Primoris Services Stock Performance

The stock has a fifty day simple moving average of $109.64 and a 200-day simple moving average of $82.89. The stock has a market cap of $7.16 billion, a P/E ratio of 43.91 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

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 for the quarter, topping the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.Primoris Services's revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 0.2%. Primoris Services's dividend 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 shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the sale, the director directly owned 9,534 shares in the company, valued at $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. Over the last 90 days, insiders sold 25,941 shares of company stock valued at $3,004,821. Corporate insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Nuveen LLC acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $111,497,000. First Trust Advisors LP grew its stake in shares of Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company's stock valued at $142,872,000 after buying an additional 660,915 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock worth $102,412,000 after buying an additional 980,940 shares during the last quarter. State Street Corp raised its position in Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company's stock worth $103,058,000 after acquiring an additional 33,399 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Primoris Services by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company's stock valued at $99,895,000 after acquiring an additional 24,254 shares during the last quarter. 91.82% of the stock is 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.

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