Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High – Should You Buy?

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

Analyst Ratings Changes

Several equities analysts have commented on the company. UBS Group increased their price target on Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Roth Capital assumed coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 price objective for the company. KeyCorp lifted their target price on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.71.

Primoris Services Stock Performance

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average of $127.56 and a 200 day moving average of $120.13. The stock has a market capitalization of $8.08 billion, a P/E ratio of 49.53 and a beta of 1.36.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. Primoris Services’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Research analysts anticipate that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Wednesday, December 31st. Primoris Services’s dividend payout ratio (DPR) is currently 6.31%.

Insider Activity

In other news, Director Carla S. Mashinski sold 2,082 shares of the company’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 value of $281,361.48. Following the completion of the transaction, the director owned 21,530 shares in the company, valued at $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the completion of the sale, the director owned 4,495 shares in the company, valued at $562,908.85. The trade was a 75.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,888 shares of company stock worth $3,488,679 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently bought and sold shares of PRIM. First Trust Advisors LP grew its stake in Primoris Services by 56.4% during the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after buying an additional 660,915 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Primoris Services by 229.3% during the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after acquiring an additional 418,805 shares during the period. Wellington Management Group LLP increased its stake in Primoris Services by 136.0% in the third quarter. Wellington Management Group LLP now owns 663,985 shares of the construction company’s stock valued at $91,185,000 after acquiring an additional 382,597 shares during the last quarter. Hennessy Advisors Inc. bought a new position in shares of Primoris Services in the 3rd quarter valued at $50,071,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Primoris Services by 1,093.2% during the 3rd quarter. Mackenzie Financial Corp now owns 380,340 shares of the construction company’s stock worth $52,232,000 after buying an additional 348,465 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

About Primoris Services

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.