Primoris Services Corporation (NYSE:PRIM) Stock Has Consensus Target Price of $127.60

Shares of Primoris Services Corporation (NYSE:PRIM) have been assigned an average rating of “Moderate Buy” from the seventeen ratings firms that are covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $127.60.

Several research analysts have recently issued reports on PRIM shares. Zacks Research raised Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Piper Sandler began coverage on Primoris Services in a research report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price target on the stock. Roth Capital reaffirmed a “buy” rating and issued a $100.00 price target on shares of Primoris Services in a research note on Monday, July 20th. UBS Group reiterated a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Finally, Weiss Ratings lowered Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $72.20 on Tuesday. Primoris Services has a 1 year low of $65.00 and a 1 year high of $205.50. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The company’s 50-day moving average is $79.36 and its 200 day moving average is $109.61. The stock has a market capitalization of $3.89 billion, a P/E ratio of 28.31 and a beta of 1.43.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. Primoris Services’s quarterly revenue was down 10.7% compared to the same quarter last year. During the same period last year, the business posted $1.68 earnings per share. On average, sell-side analysts expect that Primoris Services will post 1.78 earnings per share for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, September 30th. Primoris Services’s dividend payout ratio (DPR) is presently 12.55%.

Institutional Investors Weigh In On Primoris Services

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Primoris Services in the second quarter worth approximately $677,685,000. Wellington Management Group LLP raised its holdings in Primoris Services by 148.7% in the 2nd 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 last quarter. First Trust Advisors LP lifted its position in Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after acquiring an additional 928,155 shares in the last quarter. Norges Bank purchased a new stake in Primoris Services during the 4th quarter valued at $103,368,000. Finally, Grandeur Peak Global Advisors LLC bought a new stake in shares of Primoris Services in the 2nd quarter worth $3,482,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.