Primoris Services (NASDAQ:PRIM) Reaches New 1-Year High - Still a Buy?

Key Points

• Primoris Services (NASDAQ:PRIM) reached a new 52-week high of $121.47, up from a previous close of $117.63, with a trading volume of 144,000 shares.
• Wall Street analysts maintain a consensus rating of "Moderate Buy" for the company, with price target increases from various firms suggesting strong future potential.
• Primoris Services reported quarterly earnings of $1.68 per share, significantly exceeding analysts' expectations, along with a revenue increase of 20.9% year-over-year.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $121.47 and last traded at $121.20, with a volume of 144000 shares. The stock had previously closed at $117.63.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. DA Davidson raised their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Guggenheim boosted their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Finally, 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 research report on Tuesday, August 5th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $103.70.

Primoris Services Stock Up 3.4%

The stock has a market capitalization of $6.57 billion, a PE ratio of 40.33 and a beta of 1.42. The company's fifty day moving average price is $102.35 and its 200-day moving average price is $79.21. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share 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 during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business earned $1.04 EPS. The firm's revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the transaction, the director 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 legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of the business. Nuveen LLC purchased a new position in Primoris Services during the 1st quarter worth $111,497,000. Fuller & Thaler Asset Management Inc. increased its holdings in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares in the last quarter. First Trust Advisors LP boosted its position in Primoris Services by 56.4% during the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company's stock worth $142,872,000 after purchasing an additional 660,915 shares in the last quarter. Millennium Management LLC increased its stake in shares of Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock worth $41,818,000 after purchasing an additional 527,240 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new stake in shares of Primoris Services in the first quarter valued at about $24,133,000. 91.82% of the stock is owned by hedge funds and other 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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