Primoris Services (NYSE:PRIM) Given New $64.00 Price Target at Wells Fargo & Company

Primoris Services (NYSE:PRIM) had its target price trimmed by Wells Fargo & Company from $85.00 to $64.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts also recently issued reports about the stock. Piper Sandler assumed coverage on shares of Primoris Services in a report on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 price objective on the stock. Mizuho set a $111.00 target price on shares of Primoris Services in a research note on Friday. Jefferies Financial Group restated a “buy” rating and set a $99.00 target price on shares of Primoris Services in a research note on Thursday, October 8th. Needham & Company LLC reduced their target price on shares of Primoris Services from $172.00 to $110.00 and set a “buy” rating for the company in a report on Thursday. Finally, Roth Capital reiterated a “buy” rating and issued a $100.00 price target on shares of Primoris Services in a research note on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $116.20.

Primoris Services Stock Performance

Shares of PRIM traded up $5.90 during midday trading on Friday, reaching $65.46. The stock had a trading volume of 2,655,879 shares, compared to its average volume of 1,505,290. The firm has a 50 day simple moving average of $74.55 and a 200-day simple moving average of $111.35. Primoris Services has a one year low of $57.72 and a one year high of $205.50. The firm has a market cap of $3.52 billion, a PE ratio of 36.98 and a beta of 1.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM) last issued its earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.39. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the prior year, the firm earned $1.88 EPS. Primoris Services’s quarterly revenue was down 10.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primoris Services will post 1.77 EPS for the current year.

Primoris Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, December 31st. Primoris Services’s dividend payout ratio is currently 18.08%.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently added to or reduced their stakes in PRIM. BlackRock Inc. bought a new position in Primoris Services during the 2nd quarter worth approximately $677,685,000. Wellington Management Group LLP boosted its stake in shares of Primoris Services by 148.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after purchasing an additional 2,795,887 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after purchasing an additional 928,155 shares during the last quarter. Van Berkom & Associates Inc. increased its position in shares of Primoris Services by 66.0% during the third quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company’s stock worth $62,985,000 after buying an additional 336,058 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Primoris Services by 2.0% during the first quarter. Principal Financial Group Inc. now owns 343,443 shares of the company’s stock worth $49,126,000 after buying an additional 6,730 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.