Primoris Services (NASDAQ:PRIM) Sets New 12-Month High - Here's What Happened

Key Points

• Primoris Services shares reached a new 52-week high of $118.31 during trading, closing at $117.56 with substantial volume of approximately 944,980 shares.
• Several brokerages have upgraded their price targets for Primoris Services, with Guggenheim raising it from $110.00 to $130.00 and maintaining a "buy" rating.
• The company reported $1.68 earnings per share for the last quarter, significantly exceeding analysts' expectations, and has announced a quarterly dividend of $0.08 per share.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $118.31 and last traded at $117.56, with a volume of 944980 shares trading hands. The stock had previously closed at $117.21.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRIM. Guggenheim upped their price objective 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. 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. DA Davidson upped their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. KeyCorp upped their price objective on shares of Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.67.

Primoris Services Price Performance

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of 38.93 and a beta of 1.44. The company's 50-day moving average is $94.56 and its 200-day moving average is $76.19.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 earnings per share. The company's quarterly revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities research analysts expect that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared 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. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. Primoris Services's dividend payout ratio is 7.26%.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 82,281 shares of the company's stock, 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 filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company's stock.

Institutional Trading of Primoris Services

Hedge funds have recently modified their holdings of the company. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services during the second quarter worth approximately $34,000. Versant Capital Management Inc increased its holdings in shares of 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 buying an additional 347 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of 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 buying an additional 223 shares in the last quarter. Parallel Advisors LLC lifted its position in Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after buying an additional 535 shares in the last quarter. Finally, Brooklyn Investment Group lifted its position in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after buying an additional 544 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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.

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