Primoris Services (NASDAQ:PRIM) Upgraded to “Buy” at Guggenheim

Guggenheim upgraded shares of Primoris Services (NASDAQ:PRIM) from a neutral rating to a buy rating in a research note released on Tuesday morning, MarketBeat reports. Guggenheim currently has $160.00 target price on the construction company’s stock.

Other analysts also recently issued reports about the stock. Roth Capital started coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective for the company. Glj Research started coverage on Primoris Services in a research note on Monday, September 22nd. They set a “buy” rating and a $160.00 price target for the company. The Goldman Sachs Group began coverage on Primoris Services in a research report on Monday, November 24th. They set a “sell” rating and a $117.00 price objective on the stock. Wells Fargo & Company initiated coverage on Primoris Services in a research report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price for the company. Finally, UBS Group increased their price target on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $142.71.

Primoris Services Stock Up 2.7%

Shares of NASDAQ PRIM opened at $137.84 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average of $126.51 and a 200-day moving average of $119.30. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of 45.64 and a beta of 1.36. Primoris Services has a 12 month low of $49.10 and a 12 month high of $146.16.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the firm posted $1.22 earnings per share. Primoris Services’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Sell-side analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s payout ratio is 6.31%.

Insider Activity at Primoris Services

In related news, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the sale, the director directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer directly owned 21,302 shares in the company, valued at $2,769,260. This represents a 14.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 26,888 shares of company stock worth $3,488,679. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. First Trust Advisors LP grew its stake in shares of Primoris Services by 56.4% in the second 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 during the last quarter. American Century Companies Inc. grew its position in Primoris Services by 229.3% in the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after purchasing an additional 418,805 shares during the period. Wellington Management Group LLP grew its position in Primoris Services by 136.0% in the 3rd quarter. Wellington Management Group LLP now owns 663,985 shares of the construction company’s stock worth $91,185,000 after purchasing an additional 382,597 shares during the period. Hennessy Advisors Inc. purchased a new stake in Primoris Services during the 3rd quarter valued at $50,071,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Primoris Services by 1,093.2% during the 3rd quarter. Mackenzie Financial Corp now owns 380,340 shares of the construction company’s stock valued at $52,232,000 after buying an additional 348,465 shares during the period. Institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

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.