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

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned an average recommendation of “Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $88.67.

Several brokerages have issued reports on PRIM. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Guggenheim started coverage on Primoris Services in a research note on Wednesday. They issued a “buy” rating and a $102.00 price objective for the company.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the director now directly owns 25,818 shares in the company, valued at $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,018 shares of company stock valued at $1,854,974. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its holdings 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 buying an additional 197 shares during the period. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. Arizona State Retirement System increased its stake in Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after purchasing an additional 294 shares during the period. Virtue Capital Management LLC lifted its position in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $78.66 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. Primoris Services has a 1 year low of $31.22 and a 1 year high of $84.97. The stock has a market capitalization of $4.23 billion, a price-to-earnings ratio of 26.05 and a beta of 1.14. The company’s 50 day simple moving average is $79.27 and its 200 day simple moving average is $63.54.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.58 billion. During the same period in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, research analysts predict that Primoris Services will post 3.47 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s dividend payout ratio is presently 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.