Primoris Services (NASDAQ:PRIM) Now Covered by Analysts at Guggenheim

Guggenheim initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report released on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $102.00 target price on the construction company’s stock.

A number of other brokerages also recently weighed in on PRIM. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Primoris Services presently has an average rating of “Buy” and an average price target of $88.67.

Primoris Services Trading Up 0.8 %

Shares of Primoris Services stock opened at $78.66 on Wednesday. Primoris Services has a 1 year low of $31.22 and a 1 year high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $4.23 billion, a P/E ratio of 26.05 and a beta of 1.14. The company’s fifty day moving average is $79.27 and its two-hundred day moving average is $63.54.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 earnings per share. Analysts forecast that Primoris Services will post 3.47 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now owns 25,818 shares in the company, valued at $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. Over the last quarter, insiders have sold 23,018 shares of company stock valued at $1,854,974. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Several large investors have recently added to or reduced their stakes in the stock. Fulton Bank N.A. increased its position in shares of Primoris Services by 3.5% in the 4th quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock valued at $918,000 after acquiring an additional 406 shares during the period. Oliver Luxxe Assets LLC increased its position in shares of Primoris Services by 2.6% in the 4th quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company’s stock valued at $2,403,000 after acquiring an additional 785 shares during the period. Principal Financial Group Inc. grew its position in Primoris Services by 45.0% during the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after purchasing an additional 15,710 shares during the period. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the period. Finally, Virtue Capital Management LLC grew its position in Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the period. 91.82% of the stock is owned by institutional investors.

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.