Primoris Services (NASDAQ:PRIM) Shares Gap Up – Still a Buy?

Primoris Services Co. (NASDAQ:PRIM)’s share price gapped up prior to trading on Monday . The stock had previously closed at $125.66, but opened at $133.38. Primoris Services shares last traded at $135.4930, with a volume of 361,134 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PRIM shares. UBS Group boosted their price objective on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Glj Research assumed coverage on Primoris Services in a report on Monday, September 22nd. They set a “buy” rating and a $160.00 price target on the stock. The Goldman Sachs Group assumed coverage on Primoris Services in a report on Monday, November 24th. They issued a “sell” rating and a $117.00 price objective for the company. 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 on the stock. Finally, DA Davidson upped their target price on Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.57.

Primoris Services Price Performance

The stock has a market cap of $7.30 billion, a PE ratio of 44.73 and a beta of 1.37. The business has a fifty day simple moving average of $131.43 and a two-hundred day simple moving average of $108.84. 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 (NASDAQ:PRIM) last released its earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $1.83 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 32.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Research analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is presently 6.31%.

Insider Buying and Selling at Primoris Services

In other news, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director directly owned 4,495 shares of the company’s stock, valued at $562,908.85. The trade was a 75.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the sale, the chief executive officer owned 21,302 shares in the company, valued at $2,769,260. The trade was a 14.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,932 shares of company stock worth $2,869,099. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. raised its position in shares of Primoris Services by 224.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after purchasing an additional 148 shares during the last quarter. Brooklyn Investment Group raised its holdings in Primoris Services by 3,626.7% in the first 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 last quarter. Osterweis Capital Management Inc. bought a new position in shares of Primoris Services in the second quarter worth approximately $34,000. Blue Bell Private Wealth Management LLC purchased a new stake in shares of Primoris Services during the third quarter valued at approximately $37,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Primoris Services during the third quarter valued at approximately $37,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.