Primoris Services (NASDAQ:PRIM) Reaches New 12-Month High on Earnings Beat

Primoris Services Co. (NASDAQ:PRIM) shares hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $52.75 and last traded at $50.56, with a volume of 88390 shares. The stock had previously closed at $47.80.

The construction company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.39. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. Primoris Services’s quarterly revenue was up 12.4% on a year-over-year basis.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.06 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.47%. Primoris Services’s dividend payout ratio is currently 10.34%.

Analyst Ratings Changes

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

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the sale, the director now owns 217,281 shares in the company, valued at approximately $8,975,878.11. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction that occurred 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 directly owns 9,068 shares of the company’s stock, valued at approximately $362,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total value of $826,200.00. Following the sale, the director now directly owns 217,281 shares in the company, valued at $8,975,878.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,000 shares of company stock valued at $2,040,125. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Primoris Services

A number of hedge funds have recently bought and sold shares of the company. CWM LLC grew its stake in Primoris Services by 85.1% in the fourth quarter. CWM LLC now owns 855 shares of the construction company’s stock valued at $28,000 after purchasing an additional 393 shares during the last quarter. Group One Trading L.P. purchased a new position in shares of Primoris Services in the 3rd quarter worth approximately $44,000. Federated Hermes Inc. bought a new position in shares of Primoris Services during the 4th quarter worth approximately $61,000. New York State Teachers Retirement System purchased a new stake in Primoris Services during the fourth quarter valued at approximately $159,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Primoris Services by 27.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,453 shares of the construction company’s stock valued at $181,000 after acquiring an additional 1,173 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 5.8 %

The company’s fifty day simple moving average is $43.41 and its 200-day simple moving average is $36.65. The firm has a market capitalization of $2.71 billion, a PE ratio of 20.60 and a beta of 1.14. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41.

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.