Primoris Services (NASDAQ:PRIM) Sets New 52-Week High Following Earnings Beat

Primoris Services Co. (NASDAQ:PRIM)’s stock price hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $69.95 and last traded at $69.13, with a volume of 280430 shares traded. The stock had previously closed at $64.34.

The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm posted $1.02 earnings per share. The company’s quarterly revenue was up 7.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PRIM. JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. UBS Group boosted their target price on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the transaction, the director now directly owns 137,281 shares in the company, valued at $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. raised its position in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the period. CWM LLC grew its holdings in Primoris Services by 25.1% during 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 stake in Primoris Services during the 2nd quarter worth about $70,000. Finally, Canton Hathaway LLC bought a new position in shares of Primoris Services in the second quarter worth $100,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 8.1 %

The stock has a 50-day moving average of $58.20 and a 200-day moving average of $53.93. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a market cap of $3.73 billion, a PE ratio of 24.34 and a beta of 1.05.

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.