Primoris Services (NASDAQ:PRIM) Reaches New 1-Year High at $53.49

Primoris Services Co. (NASDAQ:PRIM) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $53.49 and last traded at $53.49, with a volume of 25730 shares trading hands. The stock had previously closed at $52.40.

Analysts Set New Price Targets

Several analysts recently issued reports on PRIM shares. UBS Group upped their price target on shares of Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a report on Friday, April 5th. DA Davidson boosted their target price on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. Finally, StockNews.com lowered shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th.

Primoris Services Stock Up 1.3 %

The stock’s 50-day moving average is $45.84 and its 200-day moving average is $38.22. The stock has a market cap of $2.86 billion, a P/E ratio of 16.78 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. Primoris Services’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 EPS. As a group, research analysts anticipate that Primoris Services Co. will post 2.67 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Friday, June 28th. Primoris Services’s payout ratio is 9.06%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the sale, the director now directly owns 29,217 shares of the company’s stock, valued at approximately $1,188,839.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primoris Services news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the sale, the director now directly owns 29,217 shares of the company’s stock, valued at $1,188,839.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John M. Perisich sold 13,448 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $49.34, for a total transaction of $663,524.32. The disclosure for this sale can be found here. In the last three months, insiders sold 98,448 shares of company stock valued at $4,506,249. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Hedge funds have recently bought and sold shares of the company. CWM LLC lifted its stake in Primoris Services by 85.1% during the fourth quarter. CWM LLC now owns 855 shares of the construction company’s stock valued at $28,000 after buying an additional 393 shares in the last quarter. Group One Trading L.P. purchased a new stake in shares of Primoris Services in the third quarter worth approximately $44,000. Federated Hermes Inc. purchased a new stake in shares of Primoris Services in the fourth quarter worth approximately $61,000. EntryPoint Capital LLC lifted its position in shares of Primoris Services by 16.2% in the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock worth $157,000 after purchasing an additional 513 shares in the last quarter. Finally, New York State Teachers Retirement System purchased a new stake in shares of Primoris Services in the fourth quarter worth approximately $159,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.