Primoris Services Co. (NASDAQ:PRIM) Receives $86.00 Average Target Price from Brokerages

Primoris Services Co. (NASDAQ:PRIM) has earned a consensus recommendation of “Buy” from the five analysts that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $86.00.

A number of research firms have recently weighed in on PRIM. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC grew its stake in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP grew its stake in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Primoris Services during the second quarter valued at about $28,089,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Trading Down 2.4 %

Primoris Services stock opened at $78.19 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm’s 50 day moving average price is $78.97 and its 200-day moving average price is $63.43. Primoris Services has a 1 year low of $31.06 and a 1 year high of $84.97. The stock has a market cap of $4.20 billion, a P/E ratio of 25.89 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 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 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.02 earnings per share. On average, equities analysts predict that Primoris Services will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 10.60%.

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.