Primoris Services Co. (NASDAQ:PRIM) Receives $135.23 Consensus Target Price from Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned an average rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $142.9167.

Several equities research analysts recently issued reports on PRIM shares. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday. DA Davidson boosted their target price on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a research note on Wednesday. Finally, UBS Group raised their price objective on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director owned 82,281 shares of the company’s stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at $1,187,920. This represents a 23.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 25,941 shares of company stock worth $3,004,821 over the last ninety days. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. bought a new position in Primoris Services during the first quarter worth $231,000. Allspring Global Investments Holdings LLC boosted its position in shares of Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after purchasing an additional 3,561 shares in the last quarter. KBC Group NV grew its stake in shares of Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock valued at $163,000 after buying an additional 558 shares during the period. DAVENPORT & Co LLC increased its position in Primoris Services by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock valued at $750,000 after buying an additional 175 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Primoris Services by 3.1% during the 1st quarter. Principal Financial Group Inc. now owns 57,664 shares of the construction company’s stock worth $3,310,000 after buying an additional 1,727 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Down 1.0%

Shares of PRIM stock opened at $125.31 on Friday. The stock has a market cap of $6.77 billion, a P/E ratio of 41.49 and a beta of 1.45. Primoris Services has a 1 year low of $49.10 and a 1 year high of $146.16. 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 stock has a 50 day simple moving average of $131.43 and a 200 day simple moving average of $100.56.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.22 earnings per share. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, research analysts predict that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

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.