Primoris Services (NASDAQ:PRIM) Price Target Raised to $154.00 at KeyCorp

Primoris Services (NASDAQ:PRIM) had its price objective boosted by KeyCorp from $129.00 to $154.00 in a research report report published on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the construction company’s stock.

A number of other research firms also recently weighed in on PRIM. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Zacks Research downgraded Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. Roth Capital began coverage on Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective on the stock. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 price objective on the stock. Finally, Mizuho began coverage on Primoris Services in a report on Thursday, September 4th. They set a “neutral” rating and a $112.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.50.

Primoris Services Stock Up 1.7%

PRIM stock opened at $139.10 on Monday. Primoris Services has a twelve month low of $49.10 and a twelve month high of $142.84. The company has a market cap of $7.51 billion, a PE ratio of 46.06 and a beta of 1.43. The business’s 50-day simple moving average is $125.22 and its 200 day simple moving average is $93.02. 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 released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the business earned $1.04 earnings per share. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Primoris Services’s payout ratio is presently 7.26%.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total value of $2,280,200.00. Following the transaction, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. The trade was a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,941 shares of company stock valued at $3,004,821 in the last three months. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PRIM. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company’s stock worth $130,000 after acquiring an additional 1,279 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Primoris Services in the 1st quarter worth approximately $231,000. Moran Wealth Management LLC bought a new position in Primoris Services in the 1st quarter worth approximately $555,000. Total Wealth Planning & Management Inc. raised its position in Primoris Services by 5.4% in the 1st quarter. Total Wealth Planning & Management Inc. now owns 9,334 shares of the construction company’s stock worth $536,000 after purchasing an additional 475 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Primoris Services by 34.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after purchasing an additional 3,561 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.