Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High - Time to Buy?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s share price hit a new 52-week high on Thursday . The company traded as high as $90.89 and last traded at $90.55, with a volume of 277952 shares. The stock had previously closed at $89.66.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target 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. Janney Montgomery Scott started coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. KeyCorp upped their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. Finally, Piper Sandler upped their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus price target of $91.56.

Primoris Services Trading Up 3.3%

The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 30.77 and a beta of 1.37. The business's 50 day moving average price is $78.85 and its 200-day moving average price is $71.78. 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 issued its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.47 EPS. Equities analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.08 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.34%. Primoris Services's dividend payout ratio (DPR) is presently 8.47%.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the sale, the director owned 102,281 shares in the company, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Versant Capital Management Inc raised its stake in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the period. Brooklyn Investment Group raised its stake in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after acquiring an additional 544 shares during the period. Public Employees Retirement System of Ohio raised its stake in Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after acquiring an additional 223 shares during the period. Parallel Advisors LLC raised its stake in Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the period. Finally, NewEdge Advisors LLC raised its stake in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after acquiring an additional 194 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

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.