Brokerages Set Primoris Services Corporation (NYSE:PRIM) Target Price at $156.20

Shares of Primoris Services Corporation (NYSE:PRIM) have been given a consensus rating of “Moderate Buy” by the seventeen brokerages that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $153.9333.

PRIM has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated a “neutral” rating on shares of Primoris Services in a report on Tuesday, June 9th. Guggenheim increased their price target on shares of Primoris Services from $184.00 to $195.00 and gave the company a “buy” rating in a report on Monday, April 20th. KeyCorp cut their price target on shares of Primoris Services from $179.00 to $137.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Needham & Company LLC cut their price target on shares of Primoris Services from $205.00 to $188.00 and set a “buy” rating for the company in a report on Friday, May 8th. Finally, Zacks Research downgraded shares of Primoris Services from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th.

Insider Transactions at Primoris Services

In other news, insider John M. Perisich sold 29,707 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $127.86, for a total value of $3,798,337.02. Following the completion of the transaction, the insider owned 27,574 shares in the company, valued at $3,525,611.64. This trade represents a 51.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the transaction, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP purchased a new position in Primoris Services during the 3rd quarter valued at about $1,726,000. Nordea Investment Management AB purchased a new position in Primoris Services during the 4th quarter valued at about $7,181,000. New York State Teachers Retirement System increased its holdings in Primoris Services by 327.8% during the 4th quarter. New York State Teachers Retirement System now owns 20,892 shares of the company’s stock valued at $2,594,000 after acquiring an additional 16,008 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Primoris Services by 509.6% during the 4th quarter. Principal Financial Group Inc. now owns 336,713 shares of the company’s stock valued at $41,800,000 after acquiring an additional 281,482 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Primoris Services by 2,338.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 314,426 shares of the company’s stock valued at $39,033,000 after acquiring an additional 301,532 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Stock Up 1.7%

PRIM stock opened at $103.11 on Friday. Primoris Services has a one year low of $72.95 and a one year high of $205.50. The stock has a market capitalization of $5.59 billion, a PE ratio of 22.71 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.28 and a current ratio of 1.28. The company has a fifty day moving average of $134.67 and a 200-day moving average of $139.04.

Primoris Services (NYSE:PRIM) last released its earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The firm had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business posted $0.98 EPS. The firm’s revenue was down 5.4% on a year-over-year basis. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, analysts expect that Primoris Services will post 4.55 EPS for the current year.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Tuesday, June 30th. Primoris Services’s dividend payout ratio (DPR) is currently 7.05%.

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.