Primoris Services (NYSE:PRIM) Stock Jumps 6.6% – Time to Buy?

Primoris Services Corporation (NYSE:PRIM) rose 6.6% during trading on Wednesday. The company traded as high as $73.23 and last traded at $73.7090. Approximately 288,178 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,408,369 shares. The stock had previously closed at $69.12.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRIM. Jefferies Financial Group reaffirmed a “buy” rating and set a $99.00 price objective on shares of Primoris Services in a report on Thursday, October 8th. Oppenheimer began coverage on shares of Primoris Services in a report on Tuesday, July 7th. They issued an “outperform” rating and a $135.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and issued a $105.00 price target on shares of Primoris Services in a research report on Tuesday, September 29th. Guggenheim reduced their price objective on Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $123.47.

Primoris Services Stock Up 5.8%

The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 28.74 and a beta of 1.44. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. The business’s 50 day moving average is $75.59 and its 200 day moving average is $114.05.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The company’s revenue was down 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.68 earnings per share. Sell-side analysts anticipate that Primoris Services Corporation will post 1.77 earnings per share for the current year.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a $0.08 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services’s dividend payout ratio is presently 12.55%.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Primoris Services during the second quarter worth $677,685,000. Wellington Management Group LLP raised its position in shares of Primoris Services by 148.7% in the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after acquiring an additional 2,795,887 shares during the period. First Trust Advisors LP boosted its stake in shares of Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after acquiring an additional 928,155 shares in the last quarter. Grandeur Peak Global Advisors LLC purchased a new stake in shares of Primoris Services during the 2nd quarter worth about $3,482,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of Primoris Services during the 2nd quarter worth about $39,645,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.