Primoris Services (NASDAQ:PRIM) Hits New 52-Week High – Time to Buy?

Shares of Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high on Thursday . The stock traded as high as $83.45 and last traded at $83.42, with a volume of 129381 shares trading hands. The stock had previously closed at $80.42.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRIM shares. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.50.

Primoris Services Stock Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $4.47 billion, a P/E ratio of 27.57 and a beta of 1.05. The stock has a fifty day moving average price of $64.62 and a two-hundred day moving average price of $56.67.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities analysts forecast that Primoris Services Co. will post 3.45 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.08 dividend. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.38%. Primoris Services’s payout ratio is presently 7.95%.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,409 shares of company stock valued at $4,762,468. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently bought and sold shares of the business. TD Private Client Wealth LLC raised its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares in the last quarter. Virtue Capital Management LLC grew its position in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after acquiring an additional 342 shares during the period. Geode Capital Management LLC raised its stake in Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares in the last quarter. Vestcor Inc bought a new position in shares of Primoris Services during the third quarter valued at $925,000. Finally, Barclays PLC grew its holdings in shares of Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after purchasing an additional 81,111 shares during the last quarter. 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.