Primoris Services (NASDAQ:PRIM) Shares Down 14.1% – What’s Next?

Primoris Services Co. (NASDAQ:PRIM)’s stock price fell 14.1% on Monday . The stock traded as low as $73.04 and last traded at $74.24. 307,522 shares traded hands during trading, a decline of 42% from the average session volume of 527,505 shares. The stock had previously closed at $86.43.

Wall Street Analysts Forecast Growth

PRIM has been the subject of a number of research analyst reports. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. The Goldman Sachs Group increased their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. UBS Group increased their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. boosted their target price on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $91.50.

Primoris Services Stock Up 4.8 %

The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The business’s fifty day moving average price is $80.99 and its two-hundred day moving average price is $66.80. The firm has a market cap of $3.89 billion, a P/E ratio of 23.98 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $1.02 EPS. The firm’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.08 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. Primoris Services’s dividend payout ratio (DPR) is currently 10.60%.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares in the company, valued at $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 23,018 shares of company stock valued at $1,854,974. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Large investors have recently bought and sold shares of the stock. USA Financial Formulas bought a new position in shares of Primoris Services during the 4th quarter worth about $27,000. Nisa Investment Advisors LLC increased its stake in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares during the period. Blue Trust Inc. raised its holdings in 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 acquiring an additional 197 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the 3rd quarter worth approximately $59,000. Finally, TD Private Client Wealth LLC grew its holdings in shares of Primoris Services by 24.2% during the 3rd 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. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

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.