Primoris Services (NASDAQ:PRIM) Price Target Raised to $74.00

Primoris Services (NASDAQ:PRIM) had its target price boosted by KeyCorp from $67.00 to $74.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

PRIM has been the subject of a number of other research reports. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. DA Davidson reiterated a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. Piper Sandler upped their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and an average price target of $85.75.

Primoris Services Price Performance

Primoris Services stock opened at $68.37 on Wednesday. Primoris Services has a 52-week low of $45.92 and a 52-week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $60.82 and its 200 day moving average is $71.43. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 22.64 and a beta of 1.33.

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

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.47%. Primoris Services’s dividend payout ratio (DPR) is currently 8.47%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock valued at $4,310,043 in the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of large investors have recently bought and sold shares of the business. Alliancebernstein L.P. boosted its position 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 valued at $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter valued at about $48,851,000. Invesco Ltd. grew 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 valued at $152,489,000 after purchasing an additional 430,589 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Primoris Services in the first quarter valued at about $24,133,000. Finally, JPMorgan Chase & Co. raised its holdings in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares in the last quarter. Institutional investors 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.