Primoris Services (NASDAQ:PRIM) Now Covered by Guggenheim

Guggenheim initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $102.00 price target on the construction company’s stock.

Several other equities analysts also recently weighed in on the company. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group upped their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson lifted their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus target price of $88.67.

Primoris Services Price Performance

Shares of PRIM opened at $77.63 on Wednesday. The firm has a 50-day simple moving average of $79.59 and a two-hundred day simple moving average of $63.65. The stock has a market cap of $4.17 billion, a PE ratio of 25.71 and a beta of 1.14. Primoris Services has a 1-year low of $32.01 and a 1-year high of $84.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, analysts forecast that Primoris Services will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

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

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock valued at $1,854,974 over the last three months. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Marshall Wace LLP acquired a new position in Primoris Services during the 2nd quarter worth approximately $28,089,000. Summit Partners Public Asset Management LLC grew its holdings in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after acquiring an additional 374,926 shares during the period. Victory Capital Management Inc. raised its position in Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after acquiring an additional 327,412 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after acquiring an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP acquired a new position in shares of Primoris Services during the 2nd quarter worth $9,584,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.