DA Davidson Issues Positive Forecast for Primoris Services (NASDAQ:PRIM) Stock Price

Primoris Services (NASDAQ:PRIM) had its price objective boosted by DA Davidson from $125.00 to $150.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities research analysts also recently weighed in on PRIM. Jefferies Financial Group reissued a “buy” rating and set a $161.00 price target on shares of Primoris Services in a research note on Wednesday. Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. KeyCorp upped their price target on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research note on Wednesday. Glj Research began coverage on shares of Primoris Services in a research report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $142.92.

Primoris Services Trading Up 1.7%

PRIM stock opened at $130.23 on Wednesday. Primoris Services has a 1-year low of $49.10 and a 1-year high of $146.16. The firm has a market cap of $7.03 billion, a P/E ratio of 43.12 and a beta of 1.45. The business’s 50 day moving average is $131.16 and its 200-day moving average is $99.88. 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 (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s 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. Equities analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm 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 $0.08 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is 6.31%.

Insider Buying and Selling

In related news, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director directly owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 25,941 shares of company stock worth $3,004,821. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently modified their holdings of the company. Nuveen LLC bought a new stake in shares of Primoris Services in the 1st quarter valued at about $111,497,000. First Trust Advisors LP boosted its stake in shares of Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after acquiring an additional 660,915 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Primoris Services by 122.2% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company’s stock worth $102,412,000 after acquiring an additional 980,940 shares during the period. State Street Corp boosted its stake in shares of Primoris Services by 2.6% during the 2nd quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock worth $103,058,000 after acquiring an additional 33,399 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Primoris Services by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after acquiring an additional 24,254 shares during the period. 91.82% of the stock is owned by institutional investors.

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.