Primoris Services (NASDAQ:PRIM) Price Target Raised to $110.00

Key Points

• UBS Group has raised the price target for Primoris Services from $100.00 to $110.00, indicating a potential upside of 6.43% based on the stock's current price.
• The construction company recently reported an earnings per share (EPS) of $1.68, surpassing the consensus estimate of $1.10, and demonstrated a year-over-year revenue increase of 20.9%.
• Currently, 91.82% of Primoris Services' stock is held by institutional investors and hedge funds, reflecting strong institutional confidence in the company.

Primoris Services (NASDAQ:PRIM - Free Report) had its price objective upped by UBS Group from $100.00 to $110.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the construction company's stock.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. upped their price objective 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. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. KeyCorp raised their price objective 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. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. Finally, 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 report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average price target of $99.44.

Primoris Services Stock Performance

Shares of PRIM opened at $110.49 on Tuesday. Primoris Services has a 12 month low of $48.33 and a 12 month high of $112.98. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $82.76 and a 200 day simple moving average of $72.71. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 36.59 and a beta of 1.44.

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 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 during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The firm's quarterly revenue was up 20.9% on a year-over-year basis. Research analysts forecast that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of PRIM. Invesco Ltd. boosted its stake in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock worth $152,489,000 after purchasing an additional 430,589 shares during the last quarter. Nuveen LLC purchased a new position in Primoris Services in the first quarter worth approximately $111,497,000. Fuller & Thaler Asset Management Inc. lifted its holdings in Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock worth $102,412,000 after buying an additional 980,940 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after buying an additional 155,347 shares in the last quarter. Finally, Congress Asset Management Co. lifted its holdings in shares of Primoris Services by 4.0% in the 2nd quarter. Congress Asset Management Co. now owns 796,305 shares of the construction company's stock valued at $62,064,000 after purchasing an additional 30,462 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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.