Primoris Services (NASDAQ:PRIM) Shares Gap Down – What’s Next?

Primoris Services Co. (NASDAQ:PRIM)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $79.06, but opened at $76.42. Primoris Services shares last traded at $78.48, with a volume of 49,484 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PRIM shares. DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $83.50.

Primoris Services Stock Down 1.2 %

The company has a 50 day moving average price of $64.62 and a two-hundred day moving average price of $56.67. The stock has a market cap of $4.32 billion, a PE ratio of 22.73 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. Analysts expect that Primoris Services Co. will post 3.45 EPS for the current year.

Primoris Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is 7.95%.

Insiders Place Their Bets

In related news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Marshall Wace LLP purchased a new stake in Primoris Services during the 2nd quarter valued at approximately $28,089,000. Summit Partners Public Asset Management LLC grew its stake in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after acquiring an additional 374,926 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock worth $14,343,000 after purchasing an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP bought a new position in shares of Primoris Services during the 2nd quarter valued at about $9,584,000. Institutional investors own 91.82% of the company’s stock.

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.