Primoris Services (NASDAQ:PRIM) Coverage Initiated by Analysts at Guggenheim

Guggenheim started coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $102.00 price objective on the construction company’s stock.

Several other research firms also recently issued reports on PRIM. DA Davidson upped their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group increased their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. The Goldman Sachs Group increased their price objective 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. Finally, KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus target price of $88.67.

Primoris Services Stock Up 0.8 %

NASDAQ PRIM opened at $78.66 on Wednesday. Primoris Services has a 12 month low of $31.22 and a 12 month high of $84.97. The company’s 50 day simple moving average is $79.27 and its 200 day simple moving average is $63.54. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $4.23 billion, a P/E ratio of 26.05 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that Primoris Services will post 3.47 earnings per share for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is currently 10.60%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the sale, the director now owns 7,908 shares in the company, valued at approximately $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,018 shares of company stock valued at $1,854,974. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares during the period. TD Private Client Wealth LLC grew its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares in the last quarter. Arizona State Retirement System grew its stake in Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after acquiring an additional 294 shares in the last quarter. Virtue Capital Management LLC boosted its stake in shares of Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after purchasing an additional 342 shares in the last quarter. Finally, KBC Group NV boosted its stake in Primoris Services by 28.5% in the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after acquiring an additional 399 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

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.