Primoris Services (NYSE:PRIM) Shares Up 6.6% – Here’s What Happened

Shares of Primoris Services Corporation (NYSE:PRIM) shot up 6.6% during trading on Tuesday. The stock traded as high as $84.75 and last traded at $85.91. Approximately 97,668 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,397,137 shares. The stock had previously closed at $80.57.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRIM. Wall Street Zen lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Mizuho decreased their target price on Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a report on Tuesday, June 23rd. Oppenheimer assumed coverage on Primoris Services in a research note on Tuesday, July 7th. They set an “outperform” rating and a $135.00 target price for the company. KeyCorp restated a “sector weight” rating on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $149.00 price target on shares of Primoris Services in a research report on Monday, June 15th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Primoris Services Stock Performance

The stock’s 50-day simple moving average is $77.69 and its 200 day simple moving average is $106.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $4.60 billion, a PE ratio of 33.55 and a beta of 1.44.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company’s revenue was down 10.7% on a year-over-year basis. During the same period last year, the business earned $1.68 EPS. As a group, research analysts expect that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Primoris Services’s payout ratio is 12.55%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Horizons Wealth Management acquired a new stake in shares of Primoris Services during the 3rd quarter worth about $473,000. Versant Capital Management Inc boosted its holdings in Primoris Services by 73.5% in the third quarter. Versant Capital Management Inc now owns 864 shares of the company’s stock valued at $64,000 after purchasing an additional 366 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Primoris Services by 46.6% in the second quarter. Sequoia Financial Advisors LLC now owns 2,073 shares of the company’s stock valued at $205,000 after purchasing an additional 659 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Primoris Services in the second quarter valued at approximately $124,000. Finally, Nykredit A S purchased a new position in Primoris Services in the second quarter valued at approximately $185,000. 91.82% of the stock is owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.