The Goldman Sachs Group Raises Primoris Services (NASDAQ:PRIM) Price Target to $78.00

Primoris Services (NASDAQ:PRIM) had its price objective boosted by The Goldman Sachs Group from $51.00 to $78.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

A number of other equities research analysts have also recently commented on the stock. 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 report on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.25.

Primoris Services Trading Up 3.1 %

NASDAQ:PRIM opened at $81.64 on Wednesday. The company has a market capitalization of $4.39 billion, a PE ratio of 27.03 and a beta of 1.05. Primoris Services has a 52-week low of $29.14 and a 52-week high of $81.71. The stock’s 50 day moving average price is $60.01 and its 200 day moving average price is $54.80. The company has a quick ratio of 1.41, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, research analysts anticipate that Primoris Services will post 3.48 EPS for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.08 dividend. This is an increase 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 0.39%. Primoris Services’s payout ratio is presently 10.60%.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the 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 of the company’s stock, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Primoris Services news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,391 shares of company stock valued at $3,227,734 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Marshall Wace LLP purchased a new stake in shares of Primoris Services in the 2nd quarter worth about $28,089,000. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 837.3% in the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after purchasing an additional 327,412 shares in the last quarter. Decade Renewable Partners LP acquired a new stake in shares of Primoris Services in the second quarter valued at approximately $9,584,000. Renaissance Technologies LLC purchased a new position in shares of Primoris Services during the 2nd quarter worth approximately $6,366,000. Finally, Nicholas Investment Partners LP acquired a new position in shares of Primoris Services during the 2nd quarter worth approximately $5,489,000. 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.