Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $99.44

Shares of Primoris Services Co. (NASDAQ:PRIM) have earned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $101.6667.

Several equities research analysts have recently issued reports on the stock. KeyCorp increased their target price on shares of Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price objective for the company. DA Davidson increased their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, July 22nd.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction that occurred 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 sale, the director owned 82,281 shares in the company, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. boosted its position in Primoris Services by 2.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company’s stock valued at $431,000 after buying an additional 121 shares during the period. DAVENPORT & Co LLC boosted its position in Primoris Services by 1.4% in the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company’s stock valued at $750,000 after buying an additional 175 shares during the period. NewEdge Advisors LLC boosted its position in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the period. Freedom Investment Management Inc. boosted its position in Primoris Services by 4.3% in the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company’s stock valued at $289,000 after buying an additional 207 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of PRIM opened at $114.4370 on Monday. The business’s 50-day moving average is $92.07 and its two-hundred day moving average is $75.39. The company has a market capitalization of $6.18 billion, a P/E ratio of 37.89 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a fifty-two week low of $48.33 and a fifty-two week high of $116.18.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results 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. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period last year, the firm earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Research analysts predict that Primoris Services will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s dividend payout ratio (DPR) is 7.26%.

About Primoris Services

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.