Primoris Services (NASDAQ:PRIM) Receives Neutral Rating from Guggenheim

Guggenheim restated their neutral rating on shares of Primoris Services (NASDAQ:PRIM) in a report released on Wednesday, Marketbeat.com reports.

Several other brokerages also recently commented on PRIM. Roth Capital initiated coverage on Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 target price for the company. Janney Montgomery Scott initiated coverage on Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 22nd. UBS Group boosted their target price on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Finally, DA Davidson upped their price objective on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $125.17.

Primoris Services Trading Down 1.6%

PRIM opened at $138.33 on Wednesday. Primoris Services has a twelve month low of $49.10 and a twelve month high of $142.84. The company has a 50-day simple moving average of $123.60 and a 200 day simple moving average of $90.83. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 45.80 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 earnings per share. Primoris Services’s revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts predict that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. Primoris Services’s dividend payout ratio is currently 7.26%.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director owned 82,281 shares of the company’s stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the sale, the director directly owned 9,534 shares of the company’s stock, valued at $1,143,031.26. This represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,941 shares of company stock valued at $3,004,821 over the last quarter. 1.40% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osterweis Capital Management Inc. acquired a new stake in Primoris Services during the 2nd quarter valued at approximately $34,000. Public Employees Retirement System of Ohio increased its position in Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after purchasing an additional 223 shares during the period. Parallel Advisors LLC grew its position in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock worth $42,000 after buying an additional 535 shares during the period. Brooklyn Investment Group grew its position in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after buying an additional 544 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares during the period. Institutional investors and hedge funds 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.