Primoris Services (NASDAQ:PRIM) Shares Gap Up – Here’s What Happened

Primoris Services Co. (NASDAQ:PRIM)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $125.66, but opened at $133.38. Primoris Services shares last traded at $135.4930, with a volume of 361,134 shares.

Wall Street Analyst Weigh In

PRIM has been the topic of several research reports. Zacks Research downgraded Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 9th. UBS Group increased their price target on Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Roth Capital started coverage on Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price target on the stock. The Goldman Sachs Group began coverage on shares of Primoris Services in a research note on Monday, November 24th. They issued a “sell” rating and a $117.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and an average price target of $140.57.

Primoris Services Price Performance

The firm has a market capitalization of $7.12 billion, a PE ratio of 43.66 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day moving average price of $131.31 and a 200-day moving average price of $109.73.

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

Primoris Services Dividend Announcement

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

Insider Activity at Primoris Services

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the firm’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 sale, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the transaction, the director directly owned 9,534 shares in the company, valued at $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,014 shares of company stock valued at $3,150,461 over the last three months. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. IFP Advisors Inc increased its position in Primoris Services by 835.3% during the 3rd quarter. IFP Advisors Inc now owns 477 shares of the construction company’s stock valued at $66,000 after buying an additional 426 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new stake in Primoris Services in the third quarter worth about $356,000. Cambria Investment Management L.P. grew its stake in shares of Primoris Services by 24.9% during the third quarter. Cambria Investment Management L.P. now owns 8,613 shares of the construction company’s stock worth $1,183,000 after acquiring an additional 1,719 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Primoris Services by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 486,200 shares of the construction company’s stock valued at $66,770,000 after acquiring an additional 85,044 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Primoris Services during the third quarter valued at about $793,000. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

About Primoris Services

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.