Primoris Services (NASDAQ:PRIM) Sets New 1-Year High – Still a Buy?

Primoris Services Co. (NASDAQ:PRIM)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $146.42 and last traded at $145.7450, with a volume of 301718 shares. The stock had previously closed at $137.78.

Analysts Set New Price Targets

Several brokerages have commented on PRIM. Mizuho set a $129.00 price target on Primoris Services in a research report on Tuesday, October 28th. KeyCorp boosted their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. The Goldman Sachs Group started coverage on shares of Primoris Services in a report on Monday, November 24th. They issued a “sell” rating and a $117.00 price target for the company. DA Davidson raised their price target on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Roth Capital began coverage on Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $142.71.

Primoris Services Stock Performance

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 has a market cap of $7.91 billion, a P/E ratio of 48.44 and a beta of 1.36. The stock’s 50 day moving average is $126.66 and its two-hundred day moving average is $119.43.

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

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.2%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s dividend payout ratio is currently 6.31%.

Insider Activity

In other news, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the sale, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This represents a 9.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patricia K. Wagner sold 13,491 shares of Primoris Services stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the transaction, the director directly owned 4,495 shares of the company’s stock, valued at $562,908.85. This represents a 75.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 26,888 shares of company stock worth $3,488,679 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. grew its holdings in shares of Primoris Services by 224.2% during the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after purchasing an additional 148 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Primoris Services during the 3rd quarter worth about $37,000. Blue Bell Private Wealth Management LLC bought a new stake in Primoris Services during the 3rd quarter worth about $37,000. McIlrath & Eck LLC increased its position in Primoris Services by 109.8% in the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after acquiring an additional 145 shares in the last quarter. Finally, Richardson Financial Services Inc. raised its stake in shares of Primoris Services by 163.1% in the third quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after acquiring an additional 199 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.