Primoris Services (NASDAQ:PRIM) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report report published on Friday, MarketBeat reports. The brokerage issued a neutral rating and a $160.00 price objective on the construction company’s stock.

Other equities analysts have also issued reports about the company. KeyCorp increased their price objective on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Wells Fargo & Company began coverage on shares of Primoris Services in a research report on Friday, November 14th. They set an “equal weight” rating and a $138.00 price target on the stock. Jefferies Financial Group restated a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. Roth Mkm began coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a “buy” rating and a $170.00 target price on the stock. Finally, UBS Group lifted their target price on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.87.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $148.19 on Friday. The company’s fifty day moving average price is $130.26 and its 200-day moving average price is $122.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 49.07 and a beta of 1.36. Primoris Services has a one year low of $49.10 and a one year high of $155.19.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue was up 32.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services’s dividend payout ratio is presently 6.31%.

Insider Activity

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the transaction, the director owned 21,530 shares of the company’s stock, valued at $2,909,564.20. This represents a 8.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $136.00, for a total value of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This trade represents a 9.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 26,888 shares of company stock worth $3,488,679 in the last quarter. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. boosted its holdings in Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Primoris Services in the 2nd quarter worth about $34,000. Blue Bell Private Wealth Management LLC purchased a new stake in shares of Primoris Services in the 3rd quarter worth about $37,000. Cullen Frost Bankers Inc. bought a new stake in shares of Primoris Services during the 3rd quarter valued at about $37,000. Finally, Public Employees Retirement System of Ohio increased its position in shares of Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares during the period. Institutional investors own 91.82% of the company’s stock.

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.