Primoris Services (NASDAQ:PRIM) Now Covered by Analysts at KeyCorp

KeyCorp assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note released on Wednesday, Marketbeat reports. The brokerage issued an overweight rating and a $96.00 price target on the construction company’s stock. KeyCorp also issued estimates for Primoris Services’ Q4 2024 earnings at $0.74 EPS, FY2024 earnings at $3.48 EPS, FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

A number of other brokerages have also commented on PRIM. JPMorgan Chase & Co. initiated coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $86.00.

Primoris Services Price Performance

NASDAQ PRIM opened at $79.40 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The business has a 50 day simple moving average of $73.06 and a 200 day simple moving average of $60.32. Primoris Services has a 52-week low of $30.94 and a 52-week high of $84.97.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 earnings per share. Analysts anticipate that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. Primoris Services’s payout ratio is 7.95%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 15.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 completion of the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,018 shares of company stock valued at $3,336,224. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Geode Capital Management LLC increased its holdings in shares of Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares during the last quarter. Summit Partners Public Asset Management LLC increased its holdings in shares of Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Yaupon Capital Management LP raised its position in shares of Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after buying an additional 91,235 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Primoris Services during the 2nd quarter worth about $28,089,000. 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.