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

Key Points

• Primoris Services Co. shares reached a new 52-week high, trading at a peak of $93.89, reflecting strong interest with a volume of 765,803 shares.
• Analysts have raised their price targets for Primoris Services, with estimates ranging from $76.00 to $110.00, indicating a consensus rating of "Moderate Buy."
• The company reported earnings per share of $0.98 for the latest quarter, exceeding expectations and showing a 16.7% increase in revenue year-over-year.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $93.89 and last traded at $92.51, with a volume of 765803 shares traded. The stock had previously closed at $92.27.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PRIM. Janney Montgomery Scott started coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. KeyCorp raised their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Finally, Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $91.56.

Primoris Services Stock Down 3.3%

The firm has a market capitalization of $4.92 billion, a P/E ratio of 30.17 and a beta of 1.37. 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 business's fifty day moving average price is $80.43 and its two-hundred day moving average price is $72.24.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. During the same period last year, the business earned $0.47 EPS. The company's revenue was up 16.7% compared to the same quarter last year. Equities analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors 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 yield of 0.4%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on 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 completion of the sale, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. This trade represents a 12.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

A number of institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC increased its holdings in shares of Primoris Services by 20.7% during the 2nd quarter. Jennison Associates LLC now owns 11,435 shares of the construction company's stock valued at $891,000 after purchasing an additional 1,959 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Primoris Services by 43.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 39,063 shares of the construction company's stock valued at $3,045,000 after acquiring an additional 11,915 shares during the last quarter. Convergence Investment Partners LLC lifted its position in Primoris Services by 23.2% in the second quarter. Convergence Investment Partners LLC now owns 16,980 shares of the construction company's stock valued at $1,323,000 after buying an additional 3,195 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in Primoris Services in the second quarter valued at about $265,000. Finally, Envestnet Asset Management Inc. increased its stake in Primoris Services by 2.5% during the second quarter. Envestnet Asset Management Inc. now owns 46,353 shares of the construction company's stock worth $3,613,000 after purchasing an additional 1,123 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.