Primoris Services (NASDAQ:PRIM) Stock Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Shares of Primoris Services crossed above their 200-day moving average during recent trading, reaching a high of $115.62 before closing at $114.81.
• Analysts have recently increased their price targets for PRIM, with DA Davidson raising it from $85 to $125 and maintaining a "buy" rating, reflecting strong market confidence in the stock.
• The company reported earnings of $1.68 per share, exceeding expectations and showing a revenue increase of 20.9% year-over-year, with analysts predicting an EPS of 3.26 for the current fiscal year.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $73.30 and traded as high as $115.62. Primoris Services shares last traded at $114.81, with a volume of 929,762 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on PRIM. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. DA Davidson raised their price target on shares of Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. KeyCorp lifted their target price on shares of Primoris Services from $98.00 to $119.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Piper Sandler lifted their target price on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Finally, UBS Group boosted their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $99.44.

Primoris Services Trading Up 0.6%

The firm has a market capitalization of $6.04 billion, a P/E ratio of 37.00 and a beta of 1.44. The stock's 50-day simple moving average is $88.19 and its two-hundred day simple moving average is $74.14. 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 released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Primoris Services's revenue was up 20.9% on a year-over-year basis. Equities research analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's dividend payout ratio is presently 7.26%.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director directly owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Primoris Services

A number of institutional investors have recently modified their holdings of PRIM. Allspring Global Investments Holdings LLC raised its position in shares of Primoris Services by 34.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Primoris Services during the 1st quarter worth approximately $231,000. SG Americas Securities LLC purchased a new position in Primoris Services during the 1st quarter worth approximately $1,070,000. KBC Group NV raised its position in Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after buying an additional 558 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after buying an additional 19,530 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.