Primoris Services (NASDAQ:PRIM) Price Target Raised to $85.00 at DA Davidson

by · The Cerbat Gem

Primoris Services (NASDAQ:PRIM – Free Report) had its target price boosted by DA Davidson from $60.00 to $85.00 in a research report released on Wednesday,Benzinga reports. DA Davidson currently has a buy rating on the construction company’s stock.

A number of other equities analysts have also recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. Finally, UBS Group increased their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

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Primoris Services Trading Up 3.1 %

Shares of NASDAQ PRIM traded up $2.46 during midday trading on Wednesday, reaching $81.64. 885,867 shares of the stock were exchanged, compared to its average volume of 578,514. The stock has a market capitalization of $4.39 billion, a P/E ratio of 27.04 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.41 and a current ratio of 1.38. The company has a 50 day simple moving average of $60.01 and a 200 day simple moving average of $54.74. Primoris Services has a twelve month low of $29.14 and a twelve month high of $81.71.

Primoris Services (NASDAQ:PRIM – Get Free Report) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. As a group, equities analysts expect that Primoris Services will post 3.48 earnings per share for the current 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 dividend of $0.08 per share. This is an increase 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 yield of 0.39%. Primoris Services’s dividend payout ratio is 10.60%.

Insider Activity

In related news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’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 directly owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,391 shares of company stock worth $3,227,734. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

Several institutional investors have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new position in shares of Primoris Services in the 3rd quarter valued at $913,000. Advisors Asset Management Inc. boosted its stake in Primoris Services by 2.8% in the third quarter. Advisors Asset Management Inc. now owns 91,162 shares of the construction company’s stock valued at $5,295,000 after acquiring an additional 2,510 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Primoris Services by 150.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,293 shares of the construction company’s stock worth $1,817,000 after purchasing an additional 18,823 shares during the last quarter. Whalen Wealth Management Inc. acquired a new stake in shares of Primoris Services during the third quarter worth about $464,000. Finally, Quest Partners LLC lifted its holdings in shares of Primoris Services by 1,945.8% in the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

About Primoris Services

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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.

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