Primoris Services (NASDAQ:PRIM) Upgraded at KeyCorp

KeyCorp upgraded shares of Primoris Services (NASDAQ:PRIM) to a strong-buy rating in a research note published on Tuesday morning,Zacks.com reports. KeyCorp also issued estimates for Primoris Services’ Q4 2024 earnings at $0.74 EPS, FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

Other equities analysts have also issued research reports about the stock. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. DA Davidson upped their price objective 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. Finally, The Goldman Sachs Group upped their target price 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. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $86.00.

Primoris Services Stock Down 1.3 %

PRIM stock opened at $79.68 on Tuesday. The stock has a market capitalization of $4.28 billion, a P/E ratio of 26.38 and a beta of 1.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 12 month low of $30.94 and a 12 month high of $84.97. The firm has a 50-day moving average price of $72.67 and a 200-day moving average price of $60.15.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 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 net margin of 2.68% and a return on equity of 15.23%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 earnings per share. As a group, equities research analysts anticipate that Primoris Services will post 3.45 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services’s dividend payout ratio is currently 10.60%.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the transaction, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,018 shares of company stock worth $3,336,224 in the last three months. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its holdings in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. grew its holdings in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. CWM LLC grew its holdings in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after acquiring an additional 220 shares during the last quarter. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services during the 3rd quarter valued at about $59,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of 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 valued at $69,000 after purchasing an additional 230 shares in the last quarter. Hedge funds and other 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.