Primoris Services (NASDAQ:PRIM) Price Target Raised to $110.00 at UBS Group

Primoris Services (NASDAQ:PRIM) had its target price boosted by UBS Group from $100.00 to $110.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other research firms have also weighed in on PRIM. KeyCorp boosted their target price on Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 16th. Piper Sandler boosted their target price on Primoris Services from $75.00 to $76.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price on the stock. Guggenheim restated a “buy” rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. Finally, JPMorgan Chase & Co. boosted their price target on Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, July 22nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.67.

Primoris Services Stock Up 16.5%

PRIM stock opened at $108.49 on Tuesday. 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 market capitalization of $5.86 billion, a PE ratio of 35.92 and a beta of 1.44. Primoris Services has a 1-year low of $47.47 and a 1-year high of $112.98. The business’s 50 day simple moving average is $81.98 and its 200 day simple moving average is $72.45.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.58. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 EPS. As a group, research analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.08 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s payout ratio is 8.47%.

Insider Transactions at Primoris Services

In other 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 transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after acquiring an additional 347 shares during the period. Public Employees Retirement System of Ohio lifted its position in shares of Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after acquiring an additional 223 shares during the period. Parallel Advisors LLC lifted its position in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after acquiring an additional 535 shares during the period. Brooklyn Investment Group lifted its position in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after acquiring an additional 544 shares during the period. Finally, NewEdge Advisors LLC lifted its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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.