Analysts’ Weekly Ratings Updates for Primoris Services (PRIM)

Several analysts have recently updated their ratings and price targets for Primoris Services (NASDAQ: PRIM):

• 3/8/2023 – Primoris Services had its price target raised by analysts at UBS Group AG from $29.00 to $34.00.
• 3/6/2023 – Primoris Services had its price target raised by analysts at The Goldman Sachs Group, Inc. from $20.00 to $22.50. They now have a “sell” rating on the stock.
• 3/2/2023 – Primoris Services had its price target raised by analysts at DA Davidson from $27.00 to $34.00.
• 3/1/2023 – Primoris Services was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.

Primoris Services Stock Down 2.7 %

Primoris Services stock opened at $25.00 on Thursday. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 10.12 and a beta of 1.25. The stock has a fifty day simple moving average of $25.66 and a two-hundred day simple moving average of $21.99. Primoris Services Co. has a 12 month low of $15.90 and a 12 month high of $28.20. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.96.

Primoris Services (NASDAQ:PRIM – Get Rating) last issued its quarterly earnings data on Monday, February 27th. The construction company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.87 by $0.06. Primoris Services had a return on equity of 13.06% and a net margin of 3.01%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. Primoris Services’s revenue was up 50.3% compared to the same quarter last year. Equities analysts predict that Primoris Services Co. will post 2.6 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Thursday, March 30th. Primoris Services’s payout ratio is currently 9.72%.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 10,000 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $27.36, for a total transaction of $273,600.00. Following the completion of the sale, the director now owns 32,354 shares of the company’s stock, valued at $885,205.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently made changes to their positions in PRIM. C M Bidwell & Associates Ltd. purchased a new position in shares of Primoris Services in the third quarter valued at about $26,000. Denali Advisors LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth about $46,000. Lazard Asset Management LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth about $47,000. Belpointe Asset Management LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth about $57,000. Finally, Group One Trading L.P. purchased a new stake in shares of Primoris Services in the fourth quarter worth about $59,000. 88.14% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Corp. operates as a holding company, which engages in the provision of construction, fabrication, maintenance, replacement, and engineering services. It operates through the following segments: Utilities, Energy and Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems.