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

Primoris Services (NASDAQ:PRIM) had its price target raised by analysts at KeyCorp from $79.00 to $98.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. KeyCorp’s target price would indicate a potential upside of 12.07% from the stock’s previous close.

Several other research firms have also issued reports on PRIM. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Guggenheim reiterated a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. Finally, Janney Montgomery Scott initiated coverage on shares of Primoris Services in a report on Thursday, July 3rd. They issued a “buy” rating and a $102.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.22.

Primoris Services Stock Performance

Shares of PRIM opened at $87.45 on Wednesday. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 28.96 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day simple moving average of $76.99 and a 200 day simple moving average of $71.36. Primoris Services has a 12 month low of $45.92 and a 12 month high of $90.86.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.28. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm earned $0.47 earnings per share. Primoris Services’s revenue for the quarter was up 16.7% compared to the same quarter last year. Research analysts forecast that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the sale, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRIM. PNC Financial Services Group Inc. grew its holdings in Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after purchasing an additional 268 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Primoris Services by 8.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,621 shares of the construction company’s stock worth $1,346,000 after buying an additional 1,325 shares during the period. HighTower Advisors LLC grew its stake in shares of Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after buying an additional 268 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares in the last quarter. Finally, Swiss National Bank grew its stake in Primoris Services by 0.5% during the 4th quarter. Swiss National Bank now owns 105,600 shares of the construction company’s stock worth $8,068,000 after purchasing an additional 500 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.