Analysts Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $86.00

Shares of Primoris Services Co. (NASDAQ:PRIM) have received a consensus recommendation of “Buy” from the six ratings firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $88.67.

PRIM has been the subject of several research analyst reports. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday. They issued a “buy” rating and a $102.00 target price for the company. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson increased their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock worth $1,854,974 in the last 90 days. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its position in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares during the last quarter. Blue Trust Inc. grew its stake in shares of 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. Millburn Ridgefield Corp purchased a new position in shares of Primoris Services during the third quarter valued at approximately $59,000. TD Private Client Wealth LLC lifted its position in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the period. Finally, CWM LLC lifted its position in Primoris Services by 37.5% during the third quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after purchasing an additional 411 shares during the period. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 0.8 %

Shares of NASDAQ:PRIM opened at $78.66 on Friday. The stock’s 50-day moving average is $79.27 and its 200 day moving average is $63.54. The company has a market cap of $4.23 billion, a PE ratio of 26.05 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 1 year low of $31.22 and a 1 year high of $84.97.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. Sell-side analysts anticipate that Primoris Services will post 3.47 EPS for the current year.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.08 dividend. This is a boost 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 0.41%. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services’s payout ratio is currently 10.60%.

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.