Primoris Services (NASDAQ:PRIM) Reaches New 12-Month High - Time to Buy?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $82.84 and last traded at $82.17, with a volume of 49531 shares. The stock had previously closed at $81.64.

Analyst Ratings Changes

Several research firms have weighed in on PRIM. UBS Group upped their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. 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 target price for the company. DA Davidson increased their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. One 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.com, Primoris Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.25.

Primoris Services Trading Up 0.3 %

The firm has a market cap of $4.40 billion, a P/E ratio of 27.12 and a beta of 1.05. The firm's fifty day moving average is $60.52 and its two-hundred day moving average is $55.13. The company has a quick ratio of 1.41, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the previous year, the business posted $1.02 EPS. Primoris Services's revenue was up 7.8% compared to the same quarter last year. Analysts predict that Primoris Services Co. will post 3.45 earnings per share for the current fiscal 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 dividend of $0.08 per share. This is an increase from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Tuesday, December 31st. Primoris Services's dividend payout ratio is currently 7.95%.

Insider Activity

In other news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company's stock, valued at $1,965,782.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,391 shares of company stock worth $3,227,734. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its position in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. lifted 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 valued at $53,000 after purchasing an additional 197 shares during the period. CWM LLC lifted its stake in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company's stock valued at $55,000 after purchasing an additional 220 shares during the period. FSC Wealth Advisors LLC purchased a new position in Primoris Services during the 2nd quarter valued at about $70,000. Finally, Canton Hathaway LLC purchased a new position in Primoris Services during the 2nd quarter valued at about $100,000. Institutional investors and hedge funds 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.