Primoris Services (NASDAQ:PRIM) Sets New 1-Year High – Still a Buy?

Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high on Wednesday . The stock traded as high as $64.37 and last traded at $64.20, with a volume of 43273 shares changing hands. The stock had previously closed at $63.29.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent analyst reports. UBS Group upped their target price on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Primoris Services Price Performance

The company’s 50-day moving average price is $57.67 and its 200-day moving average price is $53.45. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market cap of $3.36 billion, a P/E ratio of 18.86 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The business had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.54 billion. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, sell-side analysts predict that Primoris Services Co. will post 3.33 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio is presently 8.45%.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares in the company, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the sale, the director now owns 137,281 shares in the company, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,391 shares of company stock worth $3,075,454. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC boosted its holdings in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at $70,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Primoris Services in the 2nd quarter valued at $100,000. Institutional investors own 91.82% of the company’s stock.

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.