Primoris Services (NASDAQ:PRIM) Reaches New 52-Week High After Better-Than-Expected Earnings

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

The construction company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.39. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period in the previous year, the firm posted $0.18 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 dividend on an annualized basis and a yield of 0.47%. Primoris Services’s dividend payout ratio is presently 10.34%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Primoris Services

Several large investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Primoris Services during the 3rd quarter valued at about $288,000. Raymond James & Associates lifted its holdings in Primoris Services by 22.6% in the third quarter. Raymond James & Associates now owns 61,055 shares of the construction company’s stock valued at $1,998,000 after acquiring an additional 11,254 shares during the last quarter. Strs Ohio increased its stake in Primoris Services by 108.9% during the third quarter. Strs Ohio now owns 25,700 shares of the construction company’s stock worth $841,000 after acquiring an additional 13,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Primoris Services by 9.1% in the third 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 during the period. Finally, Inspire Investing LLC purchased a new position in shares of Primoris Services during the 3rd quarter worth $307,000. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Up 5.8 %

The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 20.60 and a beta of 1.14. The business has a 50-day moving average of $43.41 and a 200-day moving average of $36.65. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.41 and a current ratio of 1.41.

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.