Primoris Services (NYSE:PRIM) Hits New 52-Week High – Here’s What Happened

Primoris Services Corporation (NYSE:PRIM)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $175.63 and last traded at $173.1850, with a volume of 24863 shares changing hands. The stock had previously closed at $171.63.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PRIM shares. Wall Street Zen cut Primoris Services from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Guggenheim increased their price target on shares of Primoris Services from $184.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Wolfe Research initiated coverage on shares of Primoris Services in a research report on Thursday, April 9th. They set an “outperform” rating and a $183.00 price target on the stock. Mizuho increased their price target on shares of Primoris Services from $128.00 to $143.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, DA Davidson set a $180.00 price target on shares of Primoris Services in a research report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.00.

Primoris Services Stock Down 0.5%

The business has a 50 day simple moving average of $151.44. The stock has a market cap of $9.31 billion, a PE ratio of 34.12 and a beta of 1.38. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.24.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.13. Primoris Services had a return on equity of 18.67% and a net margin of 3.63%.The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period last year, the business posted $1.13 earnings per share. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 5.800-6.000 EPS. Equities analysts forecast that Primoris Services Corporation will post 5.73 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.2%. Primoris Services’s dividend payout ratio (DPR) is currently 6.36%.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently added to or reduced their stakes in the stock. Root Financial Partners LLC raised its stake in shares of Primoris Services by 43.1% during the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock valued at $33,000 after purchasing an additional 69 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Primoris Services by 3.9% during the first quarter. Pictet Asset Management Holding SA now owns 8,759 shares of the company’s stock valued at $1,253,000 after purchasing an additional 329 shares in the last quarter. Union Bancaire Privee UBP SA raised its stake in shares of Primoris Services by 280.3% during the first quarter. Union Bancaire Privee UBP SA now owns 29,804 shares of the company’s stock valued at $4,263,000 after purchasing an additional 21,968 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of Primoris Services during the first quarter valued at about $274,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Primoris Services during the first quarter valued at about $3,433,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.