Primoris Services Co. (NASDAQ:PRIM) Receives $91.50 Average Price Target from Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) have been assigned a consensus recommendation of "Buy" from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $91.50.

Several research firms have recently commented on PRIM. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target for the company. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price on the stock. UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Primoris Services from $77.00 to $88.00 and gave the stock an "overweight" rating in a research note on Tuesday.

Primoris Services Trading Up 2.8 %

Shares of PRIM stock traded up $2.12 on Thursday, reaching $76.71. 240,870 shares of the stock were exchanged, compared to its average volume of 681,010. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1-year low of $32.63 and a 1-year high of $90.86. The firm has a 50 day moving average of $80.88 and a two-hundred day moving average of $66.86. The stock has a market cap of $4.12 billion, a P/E ratio of 25.35 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm earned $1.02 EPS. Primoris Services's quarterly revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. This is a boost from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's payout ratio is 10.60%.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares of the company's stock, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 over the last 90 days. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after buying an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC increased its holdings in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after acquiring an additional 374,926 shares in the last quarter. Yaupon Capital Management LP raised its position in shares of Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock valued at $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Primoris Services by 12.6% in the third quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company's stock valued at $15,205,000 after buying an additional 29,200 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

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.