Analysts Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $103.70

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned a consensus rating of “Moderate Buy” from the eleven analysts that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $103.70.

A number of brokerages have recently commented on PRIM. Janney Montgomery Scott initiated coverage on Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 target price for the company. Guggenheim raised their price target on Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, August 19th. Mizuho initiated coverage on Primoris Services in a research note on Thursday, September 4th. They set a “neutral” rating and a $112.00 price target for the company. UBS Group raised their price target on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Finally, DA Davidson lifted their target price on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $126.92 on Friday. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 42.03 and a beta of 1.42. 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 stock has a 50 day moving average price of $106.96 and a 200-day moving average price of $81.41. Primoris Services has a one year low of $49.10 and a one year high of $128.98.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.69 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 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities analysts expect that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.3%. Primoris Services’s payout ratio is 7.26%.

Insider Activity

In other news, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the completion of the transaction, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 40,941 shares of company stock worth $4,165,371. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Ethic Inc. purchased a new position in Primoris Services during the 4th quarter worth $209,000. Gotham Asset Management LLC grew its stake in Primoris Services by 125.4% during the 4th quarter. Gotham Asset Management LLC now owns 38,910 shares of the construction company’s stock worth $2,973,000 after buying an additional 21,647 shares during the last quarter. Janus Henderson Group PLC grew its stake in Primoris Services by 16.7% during the 4th quarter. Janus Henderson Group PLC now owns 107,288 shares of the construction company’s stock worth $8,196,000 after buying an additional 15,356 shares during the last quarter. Lazard Asset Management LLC grew its stake in Primoris Services by 1,435.5% during the 4th quarter. Lazard Asset Management LLC now owns 54,985 shares of the construction company’s stock valued at $4,200,000 after purchasing an additional 51,404 shares during the last quarter. Finally, Man Group plc grew its stake in Primoris Services by 37.9% during the 4th quarter. Man Group plc now owns 22,688 shares of the construction company’s stock valued at $1,733,000 after purchasing an additional 6,237 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other 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.