Primoris Services (NASDAQ:PRIM) Price Target Increased to $75.00 by Analysts at UBS Group

Primoris Services (NASDAQ:PRIM) had its price objective hoisted by UBS Group from $69.00 to $75.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Separately, JPMorgan Chase & Co. started coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Primoris Services Price Performance

PRIM stock opened at $61.34 on Wednesday. The company has a market capitalization of $3.29 billion, a P/E ratio of 21.60 and a beta of 1.07. Primoris Services has a twelve month low of $28.96 and a twelve month high of $63.85. The business has a 50 day simple moving average of $56.78 and a 200-day simple moving average of $52.86. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 earnings per share. As a group, equities analysts anticipate that Primoris Services will post 3.33 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Friday, September 27th. Primoris Services’s payout ratio is 8.45%.

Insiders Place Their Bets

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value 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 company’s stock in a transaction on Thursday, September 12th. The shares were 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 in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,391 shares of company stock worth $3,075,454. 1.40% of the stock is owned by corporate insiders.

Institutional Trading of Primoris Services

Large investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its stake in shares of Primoris Services by 185.7% during the first quarter. Janus Henderson Group PLC now owns 64,795 shares of the construction company’s stock valued at $2,758,000 after acquiring an additional 42,112 shares during the last quarter. LSV Asset Management boosted its stake in shares of Primoris Services by 9.9% during the first quarter. LSV Asset Management now owns 582,842 shares of the construction company’s stock valued at $24,812,000 after acquiring an additional 52,274 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake 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 valued at $2,708,000 after acquiring an additional 23,200 shares during the last quarter. Boston Partners boosted its stake in shares of Primoris Services by 5.7% during the first quarter. Boston Partners now owns 537,293 shares of the construction company’s stock valued at $23,332,000 after acquiring an additional 28,997 shares during the last quarter. Finally, SG Capital Management LLC acquired a new stake in shares of Primoris Services during the first quarter valued at $4,192,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.