Analysts Set Primoris Services Co. (NASDAQ:PRIM) Price Target at $85.75

Primoris Services Co. (NASDAQ:PRIM) has received a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $85.75.

PRIM has been the topic of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Guggenheim reaffirmed a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, Piper Sandler lifted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. increased its stake in Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after purchasing an additional 430,589 shares during the period. Nuveen LLC purchased a new stake in Primoris Services in the first quarter worth $111,497,000. Fuller & Thaler Asset Management Inc. increased its stake in Primoris Services by 122.2% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after purchasing an additional 980,940 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Down 2.6%

PRIM stock opened at $71.91 on Wednesday. The company’s 50 day moving average is $65.62 and its 200 day moving average is $71.45. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 23.81 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1-year low of $45.92 and a 1-year high of $90.86.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share. Sell-side analysts predict that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, June 30th. Primoris Services’s payout ratio is currently 8.47%.

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.