Primoris Services Co. (NASDAQ:PRIM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Primoris Services Co. (NASDAQ:PRIM) has earned an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $140.5714.

A number of brokerages have recently weighed in on PRIM. Jefferies Financial Group reissued a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. UBS Group lifted their price target on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 price objective (down from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Wells Fargo & Company started coverage on Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective for the company. Finally, Roth Capital began coverage on Primoris Services in a research report on Thursday, October 9th. They issued a “buy” rating and a $170.00 target price on the stock.

Primoris Services Trading Up 1.0%

PRIM opened at $125.40 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock’s fifty day moving average is $129.83 and its two-hundred day moving average is $112.62. The company has a market capitalization of $6.78 billion, a P/E ratio of 41.52 and a beta of 1.37. Primoris Services has a 52 week low of $49.10 and a 52 week high of $146.16.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company posted $1.22 EPS. The business’s revenue for the quarter was up 32.1% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Analysts forecast 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 will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. Primoris Services’s dividend payout ratio (DPR) is 6.31%.

Insider Activity at Primoris Services

In other news, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total transaction of $1,689,477.93. Following the transaction, the director owned 4,495 shares of the company’s stock, valued at approximately $562,908.85. The trade was a 75.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Lee King sold 3,500 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the transaction, the chief executive officer owned 21,302 shares in the company, valued at $2,769,260. The trade was a 14.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 26,888 shares of company stock worth $3,488,679 over the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRIM. First Trust Advisors LP lifted its stake in Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after acquiring an additional 660,915 shares in the last quarter. State Street Corp lifted its position in shares of Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock worth $103,058,000 after purchasing an additional 33,399 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Primoris Services by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after purchasing an additional 24,254 shares during the period. Invesco Ltd. boosted its position in Primoris Services by 9.9% in the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock valued at $89,008,000 after buying an additional 103,038 shares during the period. Finally, American Century Companies Inc. increased its position in shares of Primoris Services by 69.6% during the third quarter. American Century Companies Inc. now owns 1,019,856 shares of the construction company’s stock worth $140,057,000 after acquiring an additional 418,374 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.