Primoris Services (NASDAQ:PRIM) Sets New 1-Year High After Earnings Beat

Primoris Services Co. (NASDAQ:PRIM) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $52.75 and last traded at $50.56, with a volume of 88390 shares traded. The stock had previously closed at $47.80.

The construction company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.08 by $0.39. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The company’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 EPS.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.48%. Primoris Services’s dividend payout ratio (DPR) is 10.34%.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRIM. UBS Group boosted their price target on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. The Goldman Sachs Group boosted their target price on Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. DA Davidson raised their price target on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Finally, StockNews.com downgraded Primoris Services from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the sale, the director now owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the transaction, the director now directly owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total value of $101,725.00. Following the sale, the director now directly owns 29,217 shares in the company, valued at $1,188,839.73. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock valued at $2,040,125 in the last 90 days. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Primoris Services in the 3rd quarter worth approximately $288,000. Raymond James & Associates boosted its stake in Primoris Services by 22.6% in the 3rd quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock worth $1,998,000 after purchasing an additional 11,254 shares in the last quarter. Strs Ohio grew its position in Primoris Services by 108.9% during the 3rd quarter. Strs Ohio now owns 25,700 shares of the construction company’s stock valued at $841,000 after purchasing an additional 13,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Primoris Services by 9.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 593,600 shares of the construction company’s stock valued at $19,429,000 after purchasing an additional 49,437 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in Primoris Services in the third quarter worth about $307,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 4.9 %

The stock has a market cap of $2.69 billion, a PE ratio of 21.62 and a beta of 1.14. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The stock’s fifty day moving average price is $43.62 and its 200 day moving average price is $36.74.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. 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.