Primoris Services (NASDAQ:PRIM) Reaches New 12-Month High - Should You Buy?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) shares reached a new 52-week high on Wednesday . The stock traded as high as $64.37 and last traded at $64.20, with a volume of 43273 shares trading hands. The stock had previously closed at $63.29.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PRIM. UBS Group raised their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.00.

Primoris Services Trading Up 0.7 %

The firm has a market capitalization of $3.42 billion, a P/E ratio of 22.45 and a beta of 1.07. The business has a 50-day moving average price of $57.46 and a 200-day moving average price of $53.38. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65.

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

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services's payout ratio is 8.45%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the firm's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,391 shares of company stock valued at $3,075,454. Corporate insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRIM. Nisa Investment Advisors LLC raised its stake in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares during the last quarter. Blue Trust Inc. grew its holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock worth $53,000 after acquiring an additional 197 shares during the period. CWM LLC raised its position in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock valued at $55,000 after acquiring an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in shares of Primoris Services in the 2nd quarter valued at $70,000. Finally, Canton Hathaway LLC bought a new position in shares of Primoris Services in the 2nd quarter worth $100,000. Institutional investors own 91.82% of the company's stock.

About Primoris Services

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.