Primoris Services (NASDAQ:PRIM) Research Coverage Started at KeyCorp

KeyCorp assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a report released on Wednesday, Marketbeat Ratings reports. The firm issued an overweight rating and a $96.00 target price 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.

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

Primoris Services Stock Performance

PRIM stock opened at $79.40 on Wednesday. The firm has a 50 day moving average of $73.06 and a two-hundred day moving average of $60.32. Primoris Services has a 12 month low of $30.94 and a 12 month high of $84.97. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.58 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The business’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities analysts anticipate that Primoris Services will post 3.45 EPS 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 issued a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. Primoris Services’s dividend payout ratio is 7.95%.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction that occurred 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 sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. The trade was a 15.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,018 shares of company stock worth $3,336,224. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC boosted its holdings in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after purchasing an additional 15,450 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Primoris Services by 74.6% in the second quarter. Canada Pension Plan Investment Board now owns 54,286 shares of the construction company’s stock valued at $2,708,000 after buying an additional 23,200 shares during the period. Morse Asset Management Inc grew its holdings in Primoris Services by 112.9% during the 2nd quarter. Morse Asset Management Inc now owns 17,455 shares of the construction company’s stock worth $871,000 after acquiring an additional 9,255 shares during the period. Benjamin Edwards Inc. raised its position in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after acquiring an additional 6,487 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Primoris Services by 13.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 97,400 shares of the construction company’s stock valued at $4,859,000 after purchasing an additional 11,488 shares during the period. Institutional investors own 91.82% of the company’s stock.

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.