Primoris Services (NASDAQ:PRIM) Stock Price Expected to Rise, Piper Sandler Analyst Says

Primoris Services (NASDAQ:PRIM) had its price objective increased by equities research analysts at Piper Sandler from $75.00 to $76.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. Piper Sandler’s target price points to a potential upside of 10.83% from the stock’s previous close.

Several other research firms have also commented on PRIM. Guggenheim reiterated a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. Finally, KeyCorp lowered their price target on Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.75.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $68.58 on Wednesday. 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 firm has a market cap of $3.70 billion, a price-to-earnings ratio of 22.71 and a beta of 1.33. The firm has a fifty day moving average price of $60.79 and a 200 day moving average price of $71.39. Primoris Services has a fifty-two week low of $45.92 and a fifty-two week high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.28. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business’s revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.47 earnings per share. As a group, sell-side analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of PRIM. Barclays PLC increased its holdings in shares of Primoris Services by 245.8% in the 3rd quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock valued at $6,628,000 after acquiring an additional 81,111 shares during the period. Fulton Bank N.A. grew its stake in Primoris Services by 3.5% in the fourth quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock valued at $918,000 after purchasing an additional 406 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after purchasing an additional 22,223 shares in the last quarter. PFW Advisors LLC purchased a new stake in shares of Primoris Services during the fourth quarter valued at about $245,000. Finally, Redhawk Wealth Advisors Inc. boosted its holdings in shares of Primoris Services by 6.0% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 36,294 shares of the construction company’s stock valued at $2,773,000 after buying an additional 2,045 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other 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.