Primoris Services Co. (NASDAQ:PRIM) Receives $140.57 Consensus Price Target from Brokerages

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $140.5714.

Several equities research analysts have recently weighed in on the stock. Zacks Research cut shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 price objective (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. Glj Research initiated coverage on Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 target price for the company. Mizuho set a $129.00 price target on Primoris Services in a report on Tuesday, October 28th. Finally, KeyCorp boosted their price target on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th.

Insider Activity

In related news, Director John P. Schauerman sold 7,815 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares of the company’s stock, valued at $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 26,888 shares of company stock valued at $3,488,679. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP raised its stake in shares of Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after purchasing an additional 660,915 shares during the last quarter. State Street Corp raised its position in Primoris Services by 2.6% during the 2nd quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock worth $103,058,000 after buying an additional 33,399 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Primoris Services by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after acquiring an additional 24,254 shares during the last quarter. Invesco Ltd. boosted its holdings in Primoris Services by 9.9% in the second quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock valued at $89,008,000 after purchasing an additional 103,038 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Primoris Services by 69.6% during the 3rd quarter. American Century Companies Inc. now owns 1,019,856 shares of the construction company’s stock worth $140,057,000 after purchasing an additional 418,374 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

PRIM opened at $129.39 on Friday. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 42.85 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 12-month low of $49.10 and a 12-month high of $146.16. The business’s fifty day simple moving average is $129.45 and its 200-day simple moving average is $113.66.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the company posted $1.22 earnings per share. The firm’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s payout ratio is currently 6.31%.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.