Primoris Services (NASDAQ:PRIM) Sets New 1-Year High on Earnings Beat

Primoris Services Co. (NASDAQ:PRIM)’s stock price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. 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 analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. started coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. UBS Group upped their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $61.00.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock valued at $3,075,454 in the last three months. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Nisa Investment Advisors LLC increased its position in shares of Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. boosted its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the period. CWM LLC increased its holdings in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after purchasing an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at about $70,000. Finally, Canton Hathaway LLC bought a new stake in shares of Primoris Services in the second quarter valued at about $100,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Up 8.1 %

The firm has a 50-day moving average price of $58.20 and a two-hundred day moving average price of $53.93. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 24.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41.

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.