Primoris Services (NASDAQ:PRIM) Hits New 12-Month High - What's Next?

Key Points

• Primoris Services shares reached a new 52-week high of $126.05, with significant trading volume and a last traded price of $125.22 after previously closing at $122.03.
• Analyst opinions are mixed, with Guggenheim upgrading their price target to $130 and maintaining a "buy" rating, while Zacks downgraded the stock to a "hold" rating.
• The company announced a quarterly dividend of $0.08 per share, which reflects a low payout ratio of 7.26% and an annualized yield of 0.3%.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) shares hit a new 52-week high on Thursday . The stock traded as high as $126.05 and last traded at $125.22, with a volume of 107433 shares trading hands. The stock had previously closed at $122.03.

Analyst Ratings Changes

Several research firms have recently issued reports on PRIM. DA Davidson raised their price objective on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Guggenheim raised their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Zacks Research lowered shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Glj Research started coverage on shares of Primoris Services in a research report on Monday. They issued a "buy" rating and a $160.00 target price on the stock. Finally, KeyCorp upped their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 2nd. Nine equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $108.82.

Primoris Services Trading Up 3.4%

The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of 44.11 and a beta of 1.42. The business's 50-day moving average price is $107.80 and its 200 day moving average price is $82.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the firm earned $1.04 earnings per share. The company's revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

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

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,941 shares of company stock worth $4,165,371 in the last ninety days. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors have recently made changes to their positions in the company. Two Sigma Investments LP boosted its holdings in Primoris Services by 32.7% in the fourth quarter. Two Sigma Investments LP now owns 40,253 shares of the construction company's stock worth $3,075,000 after purchasing an additional 9,914 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Primoris Services by 24.8% in the 4th quarter. Two Sigma Advisers LP now owns 13,600 shares of the construction company's stock valued at $1,039,000 after buying an additional 2,700 shares during the period. Wolverine Trading LLC bought a new stake in shares of Primoris Services during the 4th quarter valued at about $231,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Primoris Services by 11.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 134,272 shares of the construction company's stock worth $10,258,000 after acquiring an additional 14,032 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Primoris Services by 138.2% in the fourth quarter. Mackenzie Financial Corp now owns 30,026 shares of the construction company's stock worth $2,294,000 after acquiring an additional 17,421 shares during the last quarter. 91.82% of the stock is currently owned by 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.