Primoris Services Co. (NASDAQ:PRIM) Receives Average Rating of "Buy" from Brokerages

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) has been given a consensus rating of "Buy" by the five ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $86.00.

A number of brokerages have recently weighed in on PRIM. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an "overweight" rating and a $71.00 target price on the stock. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. UBS Group increased their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. Finally, KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target on the stock.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company's stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Primoris Services by 27.3% in the third 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. Millburn Ridgefield Corp purchased a new position in shares of Primoris Services during the third quarter valued at approximately $59,000. TD Private Client Wealth LLC lifted its position in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC boosted its holdings in Primoris Services by 37.5% in the third quarter. CWM LLC now owns 1,506 shares of the construction company's stock worth $87,000 after purchasing an additional 411 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Trading Up 3.5 %

NASDAQ:PRIM traded up $2.71 during mid-day trading on Friday, reaching $79.60. 391,341 shares of the company's stock traded hands, compared to its average volume of 435,921. The company has a 50 day moving average price of $78.34 and a 200-day moving average price of $63.08. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 26.36 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 12-month low of $30.94 and a 12-month high of $84.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The business's revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts predict that Primoris Services will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio is presently 10.60%.

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.