Primoris Services (NASDAQ:PRIM) Hits New 12-Month High - Time to Buy?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $62.15 and last traded at $62.11, with a volume of 21795 shares changing hands. The stock had previously closed at $61.47.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. began coverage on Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.00.

Primoris Services Price Performance

The stock's fifty day moving average price is $55.37 and its 200-day moving average price is $52.04. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 21.59 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the firm earned $0.80 earnings per share. Primoris Services's quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Primoris Services Co. will post 3.33 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services's dividend payout ratio is currently 8.45%.

Insider Buying and Selling

In other news, insider John M. Perisich sold 4,391 shares of the firm's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the transaction, the director now owns 137,281 shares of the company's stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John M. Perisich sold 4,391 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,391 shares of company stock worth $3,075,454. Corporate insiders own 1.40% of the company's stock.

Institutional Trading of Primoris Services

A number of institutional investors and hedge funds have recently modified their holdings of PRIM. Marshall Wace LLP bought a new stake in Primoris Services during the second quarter valued at about $28,089,000. Victory Capital Management Inc. increased its position in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company's stock worth $18,285,000 after buying an additional 327,412 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Primoris Services by 122.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 523,789 shares of the construction company's stock worth $17,395,000 after buying an additional 288,651 shares during the last quarter. Decade Renewable Partners LP bought a new stake in shares of Primoris Services in the second quarter valued at approximately $9,584,000. Finally, Renaissance Technologies LLC bought a new position in Primoris Services during the second quarter worth $6,366,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.