Primoris Services (NASDAQ:PRIM) Hits New 52-Week High at $48.40

Primoris Services Co. (NASDAQ:PRIM)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $48.40 and last traded at $47.23, with a volume of 30587 shares changing hands. The stock had previously closed at $47.03.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PRIM shares. The Goldman Sachs Group upped their price target on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th. DA Davidson boosted their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. UBS Group raised their target price on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. Finally, StockNews.com cut shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th.

Primoris Services Trading Up 0.6 %

The business has a 50-day moving average of $42.75 and a 200 day moving average of $36.13. The stock has a market cap of $2.54 billion, a PE ratio of 20.39 and a beta of 1.14. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, February 26th. The construction company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.21. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the firm posted $0.93 EPS. Primoris Services’s revenue was up 14.0% on a year-over-year basis. Equities research analysts predict that Primoris Services Co. will post 2.61 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Wednesday, March 27th. Primoris Services’s dividend payout ratio (DPR) is 10.34%.

Insider Transactions at Primoris Services

In related news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at $362,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the sale, the director now owns 29,217 shares of the company’s stock, valued at $1,188,839.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company’s stock, valued at approximately $362,720. The disclosure for this sale can be found here. Insiders have sold a total of 50,000 shares of company stock worth $2,040,125 in the last three months. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in Primoris Services by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,595,569 shares of the construction company’s stock valued at $119,410,000 after buying an additional 109,481 shares in the last quarter. Van Berkom & Associates Inc. raised its position in shares of Primoris Services by 5.9% during the 3rd quarter. Van Berkom & Associates Inc. now owns 2,124,148 shares of the construction company’s stock valued at $69,523,000 after acquiring an additional 117,414 shares in the last quarter. FMR LLC lifted its stake in Primoris Services by 1.1% during the third quarter. FMR LLC now owns 1,722,707 shares of the construction company’s stock worth $56,384,000 after purchasing an additional 18,872 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Primoris Services by 4.4% in the fourth quarter. Schroder Investment Management Group now owns 1,005,360 shares of the construction company’s stock worth $33,388,000 after purchasing an additional 41,983 shares during the period. Finally, Northern Trust Corp increased its stake in Primoris Services by 1.4% during the third quarter. Northern Trust Corp now owns 599,941 shares of the construction company’s stock valued at $19,636,000 after purchasing an additional 8,082 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other 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.