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

Shares of Primoris Services Co. (NASDAQ:PRIM) reached a new 52-week high on Friday . The stock traded as high as $86.20 and last traded at $85.49, with a volume of 67947 shares trading hands. The stock had previously closed at $84.40.

Analyst Ratings Changes

Several analysts have weighed in on PRIM shares. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $88.67.

Primoris Services Stock Up 1.3 %

The business has a fifty day moving average of $80.54 and a 200 day moving average of $64.69. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of 28.35 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

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 firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share. On average, equities analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.37%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now owns 7,908 shares in the company, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now owns 25,818 shares in the company, valued at $1,965,782.52. This trade represents a 7.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently modified their holdings of the business. Marshall Wace LLP acquired a new stake in Primoris Services in the 2nd quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC raised its position in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets raised its position in Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares during the last quarter. Decade Renewable Partners LP acquired a new stake in Primoris Services in the 2nd quarter valued at approximately $9,584,000. Finally, Yaupon Capital Management LP raised its position in Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after buying an additional 154,627 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.