Primoris Services Corporation (NYSE:PRIM) Stock Has Consensus Target Price of $123.47 According to Brokerages

Primoris Services Corporation (NYSE:PRIM) has been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $123.47.

Several research firms recently commented on PRIM. JPMorgan Chase & Co. raised shares of Primoris Services from a “neutral” rating to an “overweight” rating and increased their target price for the company from $105.00 to $116.00 in a research note on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $99.00 price target on shares of Primoris Services in a report on Thursday, October 8th. Zacks Research raised Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Wall Street Zen downgraded Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, KeyCorp reissued a “sector weight” rating on shares of Primoris Services in a research note on Tuesday, June 23rd.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Royal Bank of Canada lifted its stake in Primoris Services by 79.7% in the first quarter. Royal Bank of Canada now owns 55,614 shares of the company’s stock valued at $7,955,000 after acquiring an additional 24,672 shares during the last quarter. Bank of America Corp DE bought a new stake in Primoris Services in the second quarter worth approximately $17,268,000. Kayne Anderson Capital Advisors LP acquired a new position in shares of Primoris Services during the 2nd quarter worth $2,514,000. Raiffeisen Bank International AG increased its stake in shares of Primoris Services by 904.8% during the 2nd quarter. Raiffeisen Bank International AG now owns 198,000 shares of the company’s stock worth $19,254,000 after purchasing an additional 178,294 shares during the last quarter. Finally, CI Investments Inc. acquired a new position in shares of Primoris Services during the 1st quarter worth $5,816,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Trading Up 1.8%

Shares of PRIM stock opened at $74.50 on Friday. The stock has a 50-day simple moving average of $77.07 and a 200 day simple moving average of $102.23. Primoris Services has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. The stock has a market capitalization of $4.01 billion, a P/E ratio of 29.22 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results 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 company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. Primoris Services’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 EPS. On average, sell-side analysts expect that Primoris Services will post 1.77 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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

Primoris Services Company Profile

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.