Primoris Services (NYSE:PRIM) Stock Gets Price Target Trim from Piper Sandler

Primoris Services (NYSE:PRIM) had its target price trimmed by Piper Sandler from $90.00 to $80.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other research firms have also recently commented on PRIM. Wells Fargo & Company dropped their target price on shares of Primoris Services from $85.00 to $64.00 and set an “equal weight” rating for the company in a report on Friday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primoris Services in a report on Tuesday, November 3rd. Roth Capital reaffirmed a “buy” rating and set a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. UBS Group reiterated a “neutral” rating on shares of Primoris Services in a research report on Monday, August 10th. Finally, Wall Street Zen raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.53.

Primoris Services Trading Up 3.3%

Shares of PRIM opened at $72.17 on Monday. Primoris Services has a 52-week low of $57.72 and a 52-week high of $205.50. The business’s fifty day moving average is $74.46 and its 200-day moving average is $110.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of 30.12 and a beta of 1.44.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same quarter in the previous year, the firm earned $1.88 EPS. Primoris Services’s revenue was down 10.4% on a year-over-year basis. Equities analysts anticipate that Primoris Services will post 1.91 EPS for the current fiscal year.

Primoris Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, December 31st. Primoris Services’s dividend payout ratio is presently 18.08%.

Hedge Funds Weigh In On Primoris Services

Large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Primoris Services during the second quarter worth about $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 valued at $463,434,000 after buying an additional 2,795,887 shares during the last quarter. First Trust Advisors LP raised its holdings 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 buying an additional 928,155 shares during the last quarter. Van Berkom & Associates Inc. boosted its position in Primoris Services by 66.0% during the 3rd quarter. Van Berkom & Associates Inc. now owns 845,215 shares of the company’s stock worth $62,985,000 after buying an additional 336,058 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Primoris Services by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 343,443 shares of the company’s stock worth $49,126,000 after acquiring an additional 6,730 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors. The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance. Primoris serves customers primarily in the United States and Canada.