Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High on Strong Earnings

Primoris Services Co. (NASDAQ:PRIM) shares reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $52.75 and last traded at $50.56, with a volume of 88390 shares. The stock had previously closed at $47.80.

The construction company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.39. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. Primoris Services’s dividend payout ratio (DPR) is 10.34%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRIM. DA Davidson upped their price objective on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group boosted their price objective on Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, UBS Group lifted their price target on Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, April 5th.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the transaction, the director now owns 217,281 shares of the company’s stock, valued at approximately $8,975,878.11. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $41.31, for a total transaction of $826,200.00. Following the sale, the director now owns 217,281 shares in the company, valued at $8,975,878.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Lee King sold 2,500 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now owns 29,217 shares of the company’s stock, valued at approximately $1,188,839.73. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,000 shares of company stock worth $2,040,125. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. SG Americas Securities LLC acquired a new stake in Primoris Services in the 3rd quarter valued at $288,000. Raymond James & Associates boosted its stake in shares of Primoris Services by 22.6% in the 3rd quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock valued at $1,998,000 after purchasing an additional 11,254 shares in the last quarter. Strs Ohio grew its holdings in shares of Primoris Services by 108.9% in the 3rd quarter. Strs Ohio now owns 25,700 shares of the construction company’s stock worth $841,000 after purchasing an additional 13,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Primoris Services by 9.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 593,600 shares of the construction company’s stock worth $19,429,000 after purchasing an additional 49,437 shares in the last quarter. Finally, Inspire Investing LLC bought a new position in Primoris Services during the 3rd quarter valued at about $307,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 21.62 and a beta of 1.14. The stock’s 50-day simple moving average is $43.62 and its 200 day simple moving average is $36.74.

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.