Primoris Services (NASDAQ:PRIM) Price Target Increased to $75.00 by Analysts at UBS Group

Primoris Services (NASDAQ:PRIM - Free Report) had its target price increased by UBS Group from $69.00 to $75.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the construction company's stock.

Separately, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $61.00.

Primoris Services Stock Performance

Primoris Services stock traded down $1.05 during mid-day trading on Wednesday, hitting $61.34. 361,963 shares of the company's stock traded hands, compared to its average volume of 553,347. The firm has a 50 day moving average price of $56.62 and a 200 day moving average price of $52.80. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a market cap of $3.29 billion, a PE ratio of 21.60 and a beta of 1.07. Primoris Services has a one year low of $28.96 and a one year high of $63.85.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the business earned $0.80 EPS. The company's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Primoris Services will post 3.33 EPS for the current year.

Primoris Services Announces Dividend

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

Insider Buying and Selling

In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services 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 transaction, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company's stock, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,391 shares of company stock worth $3,075,454 in the last three months. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 197 shares during the last quarter. CWM LLC increased its position in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after buying an additional 220 shares during the last quarter. Arizona State Retirement System increased its position in Primoris Services by 2.0% during the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company's stock worth $746,000 after buying an additional 294 shares during the last quarter. EntryPoint Capital LLC increased its position in Primoris Services by 16.2% during the first quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company's stock worth $157,000 after buying an additional 513 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Primoris Services by 8.5% during the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company's stock worth $406,000 after buying an additional 751 shares during the last quarter. 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.