Primoris Services (NASDAQ:PRIM) Sets 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) hit a new 52-week high during trading on Thursday . The company 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.

Analysts Set New Price Targets

A number of analysts have issued reports on PRIM shares. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. DA Davidson increased their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Zacks Research cut Primoris Services from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 9th. Guggenheim raised their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. Finally, KeyCorp upped their target price on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.70.

Primoris Services Stock Performance

The stock has a fifty day moving average of $107.80 and a 200-day moving average of $81.92. The firm has a market capitalization of $6.94 billion, a P/E ratio of 42.56 and a beta of 1.42. 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 released its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.10 by $0.58. The firm had revenue of $1.89 billion for 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%.The business's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts anticipate that Primoris Services Co. will post 3.26 EPS 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 given a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services's dividend payout ratio (DPR) is 7.26%.

Insider Buying and Selling at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer owned 9,580 shares in the company, valued at $1,187,920. This trade represents a 23.88% 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, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,941 shares of company stock worth $4,165,371. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Nuveen LLC bought a new position in shares of Primoris Services in the first quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. raised its position 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 acquiring an additional 980,940 shares in the last quarter. First Trust Advisors LP lifted its stake in 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 acquiring an additional 660,915 shares during the last quarter. Millennium Management LLC grew its position in shares of Primoris Services by 262.1% in the 1st quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after acquiring an additional 527,240 shares during the period. Finally, Pacer Advisors Inc. bought a new position in shares of Primoris Services in the 1st quarter valued at about $24,133,000. 91.82% of the stock is currently owned by institutional investors.

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.