Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High – Here’s Why

Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $146.42 and last traded at $145.7450, with a volume of 301718 shares trading hands. The stock had previously closed at $137.78.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several research analyst reports. Roth Capital assumed coverage on Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective on the stock. KeyCorp upped their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. 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 for the company. JPMorgan Chase & Co. restated a “neutral” rating and issued a $143.00 target price (down from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Finally, Glj Research initiated coverage on Primoris Services in a research note on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Primoris Services currently has an average rating of “Moderate Buy” and an average price target of $142.71.

Primoris Services Price Performance

The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company’s 50 day moving average price is $126.66 and its 200-day moving average price is $119.43. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 48.44 and a beta of 1.36.

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

Primoris Services Announces Dividend

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

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the completion of the transaction, the director directly owned 74,466 shares in the company, valued at $10,127,376. This trade represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Carla S. Mashinski sold 2,082 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at $2,909,564.20. This represents a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 26,888 shares of company stock worth $3,488,679. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several large investors have recently added to or reduced their stakes in the company. Silver Oak Securities Incorporated acquired a new stake in Primoris Services during the 4th quarter worth about $423,000. Norden Group LLC increased its stake in shares of Primoris Services by 17.8% during the 4th quarter. Norden Group LLC now owns 2,524 shares of the construction company’s stock worth $313,000 after purchasing an additional 382 shares during the last quarter. DAVENPORT & Co LLC lifted its stake in shares of Primoris Services by 3.3% in the 4th quarter. DAVENPORT & Co LLC now owns 13,894 shares of the construction company’s stock valued at $1,725,000 after purchasing an additional 439 shares during the last quarter. Congress Asset Management Co. increased its position in Primoris Services by 2.4% during the fourth quarter. Congress Asset Management Co. now owns 815,270 shares of the construction company’s stock worth $101,208,000 after buying an additional 19,034 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Primoris Services by 92.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 8,765 shares of the construction company’s stock worth $1,130,000 after purchasing an additional 4,208 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.