BlackRock Fund Advisors recently announced the acquisition of new stake in Primoris Services Corp (NYSE:PRIM). The institutional investor has increased its shareholding in the Industrials company by 2.69% to 4.01 million shares with purchase of 0.11 million shares. This fresh investment now brings its stake to 7.52% valued currently at $133.18 million. In addition, Dimensional Fund Advisors LP raised its holdings by 84137.0 to 3.49 million shares. And Van Berkom & Associates, Inc. has lifted its position by 5.85% or 0.12 million shares – to 2.12 million shares.
With over 0.44 million Primoris Services Corp (PRIM) shares trading Friday and a closing price of $33.58 on the day, the dollar volume was approximately $14.83 million. The shares have shown a positive half year performance of 11.93% and its price on 01/12/24 gained nearly 2.63%. Currently, there are 53.12M common shares owned by the public and among those 52.73M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for PRIM have a consensus price objective of $39.83. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $34.00. The average price target is 15.69% above its recent price level and an upside to the estimated low will see the stock gain 1.24% over that period. But an upside of 25.38% will see the stock hit the forecast high price target while median target price for the stock is $40.50.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 46 of these insider trades were purchases, accounting for 101,090 shares. Insider sales of the common stock occurred on 23 occasions, with total insider shares sold totaling 128,845 shares.
The top 3 mutual fund holders in Primoris Services Corp are Franklin Small Cap Value Fund, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Franklin Small Cap Value Fund owns 1.78 million shares of the company’s stock, all valued at over $59.08 million. Vanguard Total Stock Market ETF bought 3762.0 shares to see its total holdings expand to 1.66 million shares valued at over $55.14 million and representing 3.11% of the shares outstanding. iShares Russell 2000 ETF sold 3816.0 shares to bring its total holdings to over 1.44 million shares at a value of $47.77 million. iShares Russell 2000 ETF now owns shares totaling to 2.70% of the shares outstanding.
Shares of Primoris Services Corp (NYSE: PRIM) opened at $33.13, up $0.41 from a prior closing price of $32.72. However, the script later moved the day high at 33.64, up 2.63%. The company’s stock has a 5-day price change of 7.49% and 8.36% over the past three months. PRIM shares are trading 1.11% year to date (YTD), with the 12-month market performance up to 40.38% higher. It has a 12-month low price of $22.90 and touched a high of $36.19 over the same period. PRIM has an average intraday trading volume of 384.43K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.70%, 6.34%, and 11.25% respectively.
Institutional ownership of Primoris Services Corp (NYSE: PRIM) shares accounts for 91.52% of the company’s 53.12M shares outstanding. Mutual fund holders own 36.91%, while other institutional holders and individual stakeholders account for 54.62% and 12.55% respectively.
It has a market capitalization of $1.79B and a beta (3y monthly) value of 1.17. The stock’s trailing 12-month PE ratio is 13.98, while the earnings-per-share (ttm) stands at $2.40. The company has a PEG of 1.40 and a Quick Ratio of 1.43 with the debt-to-equity ratio at 1.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.40% over the week and 2.32% over the month.
Analysts forecast that Primoris Services Corp (PRIM) will achieve an EPS of $ETFMG Prime Junior Silver Miner for the current quarter, $9.57 for the next quarter and $ETF for Type. The lowest estimate earnings-per-share for the quarter is $Vanguard PRIMECAP Fund Admiral while analysts give the company a high EPS estimate of $Primerica, Inc.. Comparatively, EPS for the current quarter was $Primoris Services Corporation a year ago. Earnings per share for the fiscal year are expected to increase by 5.66%, and 16.73% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 12.06% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Primoris Services Corp (PRIM) as a “Strong Buy” at a consensus score of 1.33. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PRIM, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on April 03, 2023, with the firm’s price target at $22.50-$27.
