Primoris Services (NASDAQ:PRIM) Now Covered by Analysts at KeyCorp

KeyCorp started coverage on shares of Primoris Services (NASDAQ:PRIM - Free Report) in a research report sent to investors on Wednesday, Marketbeat reports. The firm issued an overweight rating and a $96.00 price target on the construction company's stock.

A number of other research firms have also recently issued reports on PRIM. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an "overweight" rating and a $71.00 price target for the company. DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Finally, UBS Group lifted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Primoris Services has an average rating of "Moderate Buy" and an average price target of $86.00.

Primoris Services Stock Up 4.1 %

Shares of PRIM traded up $3.17 during midday trading on Wednesday, hitting $80.71. 750,551 shares of the company's stock traded hands, compared to its average volume of 583,352. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of 26.45 and a beta of 1.12. Primoris Services has a 1 year low of $30.94 and a 1 year high of $84.97. The firm's fifty day moving average is $71.77 and its 200-day moving average is $59.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS 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 company had revenue of $1.65 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same period last year, the business posted $1.02 earnings per share. The firm's revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primoris Services will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from Primoris Services's previous quarterly dividend of $0.06. Primoris Services's dividend payout ratio (DPR) is 7.95%.

Insider Activity at Primoris Services

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the business's stock in a transaction on 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 document filed with the SEC, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares of the company's stock, valued at $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,409 shares of company stock valued at $4,930,428. 1.30% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Primoris Services by 1.3% during the 3rd 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 raised its position in Primoris Services by 80.6% in 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 purchasing an additional 374,926 shares during the period. Yaupon Capital Management LP lifted its stake in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock valued at $35,255,000 after acquiring an additional 91,235 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Primoris Services in the 2nd quarter valued at approximately $28,089,000. Hedge funds and other 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.