Primoris Services Co. (NASDAQ:PRIM) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM) have earned a consensus rating of “Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $86.00.

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. UBS Group increased their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. DA Davidson boosted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, KeyCorp assumed 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.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company’s stock, 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. Insiders sold a total of 23,018 shares of company stock worth $1,854,974 over the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in Primoris Services by 5.7% during the second quarter. Bank of New York Mellon Corp now owns 340,579 shares of the construction company’s stock worth $16,992,000 after purchasing an additional 18,361 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Primoris Services by 19.0% in the 2nd quarter. Principal Financial Group Inc. now owns 34,910 shares of the construction company’s stock valued at $1,742,000 after buying an additional 5,578 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares during the last quarter. Arizona State Retirement System raised its stake in Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after acquiring an additional 294 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Primoris Services in the second quarter valued at $206,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Trading Up 3.5 %

Shares of Primoris Services stock opened at $79.60 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s 50 day simple moving average is $78.34 and its 200-day simple moving average is $63.02. The stock has a market cap of $4.28 billion, a P/E ratio of 26.36 and a beta of 1.14. Primoris Services has a 1-year low of $30.94 and a 1-year high of $84.97.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm 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 company posted $1.02 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. Analysts predict that Primoris Services will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. Primoris Services’s dividend payout ratio is 10.60%.

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.