KeyCorp Upgrades Primoris Services (NASDAQ:PRIM) to “Strong-Buy”

KeyCorp upgraded shares of Primoris Services (NASDAQ:PRIM) to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports. KeyCorp also issued estimates for Primoris Services’ Q4 2024 earnings at $0.74 EPS, FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

Other equities analysts have also issued reports about the stock. DA Davidson upped their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Buy” and a consensus target price of $86.00.

Primoris Services Stock Down 1.3 %

PRIM opened at $79.68 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average price of $72.67 and a 200-day moving average price of $60.15. Primoris Services has a twelve month low of $30.94 and a twelve month high of $84.97. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 26.38 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 earnings per share. Equities research analysts forecast that Primoris Services will post 3.45 earnings per share for the current year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s dividend payout ratio is currently 10.60%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the transaction, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This represents a 33.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Lee King sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,018 shares of company stock worth $3,336,224. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in shares of Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC boosted its holdings in shares of Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Primoris Services by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after buying an additional 294 shares in the last quarter. Finally, Virtue Capital Management LLC boosted its holdings in shares of Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after buying an additional 342 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

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.