Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High – Still a Buy?

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PRIM. The Goldman Sachs Group lifted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. DA Davidson raised their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. UBS Group boosted their price target 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. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

Primoris Services Price Performance

The stock has a market cap of $4.46 billion, a P/E ratio of 23.26 and a beta of 1.05. The company’s 50 day moving average price is $65.21 and its 200-day moving average price is $56.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping 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 in the previous year, the firm earned $1.02 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts expect that Primoris Services Co. will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.39%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

Insider Activity

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the sale, the director now owns 7,908 shares of the company’s stock, valued at $621,015.24. This trade represents a 33.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock valued at $4,762,468 in the last ninety days. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

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