Primoris Services (NASDAQ:PRIM) Sets New 52-Week High - Here's Why

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $90.86 and last traded at $87.90, with a volume of 645313 shares traded. The stock had previously closed at $89.03.

Analysts Set New Price Targets

PRIM has been the subject of a number of recent research reports. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. The Goldman Sachs Group raised their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Finally, KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $88.67.

Primoris Services Stock Up 0.1 %

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.73 billion, a PE ratio of 29.15 and a beta of 1.14. The company's 50 day moving average is $81.21 and its two-hundred day moving average is $66.03.

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 business posted $1.02 earnings per share. The business's quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Primoris Services Co. will post 3.26 earnings per share 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 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 0.36%. The ex-dividend date of this dividend was Tuesday, December 31st. Primoris Services's dividend payout ratio is currently 10.60%.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company's stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,018 shares of company stock valued at $1,854,974. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D bought a new position in shares of Primoris Services in the second quarter worth about $1,708,000. American Century Companies Inc. grew its stake in Primoris Services by 33.0% in the 2nd quarter. American Century Companies Inc. now owns 129,472 shares of the construction company's stock worth $6,459,000 after acquiring an additional 32,096 shares in the last quarter. Renaissance Technologies LLC bought a new position in Primoris Services in the 2nd quarter worth about $6,366,000. Canada Pension Plan Investment Board increased its position in shares of Primoris Services by 74.6% during the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company's stock worth $2,708,000 after acquiring an additional 23,200 shares during the period. Finally, Sei Investments Co. raised its stake in shares of Primoris Services by 23.1% during the second quarter. Sei Investments Co. now owns 32,103 shares of the construction company's stock valued at $1,602,000 after acquiring an additional 6,022 shares in the last quarter. 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.