Brokerages Set Primoris Services Co. (NASDAQ:PRIM) PT at $85.75

Primoris Services Co. (NASDAQ:PRIM) has earned an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $85.75.

PRIM has been the topic of several analyst reports. DA Davidson reaffirmed a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. Guggenheim restated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp increased their price target on Primoris Services from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Finally, Piper Sandler increased their price target on Primoris Services from $75.00 to $76.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRIM. Versant Capital Management Inc lifted its holdings in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares during the last quarter. Brooklyn Investment Group raised its stake in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after acquiring an additional 544 shares during the last quarter. NewEdge Advisors LLC raised its stake in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares during the last quarter. Sound Income Strategies LLC acquired a new position in Primoris Services during the 1st quarter worth approximately $45,000. Finally, Farther Finance Advisors LLC increased its position in Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after purchasing an additional 746 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Down 2.6%

NASDAQ:PRIM opened at $71.91 on Wednesday. The company has a market cap of $3.88 billion, a PE ratio of 23.81 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a twelve month low of $45.92 and a twelve month high of $90.86. The company’s 50 day moving average is $65.62 and its two-hundred day moving average is $71.45.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 EPS. Analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s payout ratio is presently 8.47%.

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.