Primoris Services (NASDAQ:PRIM) Hits New 52-Week High – What’s Next?

Primoris Services Co. (NASDAQ:PRIM)’s share price hit a new 52-week high on Monday . The company traded as high as $62.15 and last traded at $62.11, with a volume of 21795 shares changing hands. The stock had previously closed at $61.47.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. assumed coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

Primoris Services Stock Performance

The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 21.40 and a beta of 1.07. The stock has a 50 day moving average price of $55.57 and a two-hundred day moving average price of $52.17.

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 the consensus estimate of $0.65 by $0.39. The firm had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.54 billion. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Analysts predict that Primoris Services Co. will post 3.33 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is 8.45%.

Insider Buying and Selling

In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,391 shares of company stock valued at $3,075,454. 1.40% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

A number of institutional investors have recently made changes to their positions in the business. CWM LLC increased its stake in 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 buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in Primoris Services during the second quarter worth about $70,000. Canton Hathaway LLC acquired a new position in Primoris Services during the second quarter valued at approximately $100,000. Innealta Capital LLC bought a new position in Primoris Services in the second quarter valued at approximately $108,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Primoris Services during the 2nd quarter worth approximately $119,000. Institutional investors own 91.82% of the company’s stock.

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.