Guggenheim Issues Positive Forecast for Primoris Services (NASDAQ:PRIM) Stock Price

Primoris Services (NASDAQ:PRIM) had its target price raised by Guggenheim from $110.00 to $130.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other analysts have also issued reports on the company. 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. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, July 22nd. UBS Group increased their target price on Primoris Services from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. KeyCorp increased their target price on Primoris Services from $98.00 to $119.00 and gave the stock an “overweight” rating in a report on Wednesday, August 6th. Finally, DA Davidson increased their target price on Primoris Services from $85.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $101.67.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $111.0830 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s fifty day moving average price is $89.76 and its two-hundred day moving average price is $74.62. Primoris Services has a one year low of $48.33 and a one year high of $115.99. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 36.78 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period in the prior year, the firm posted $1.04 EPS. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, equities analysts forecast that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services’s dividend payout ratio is currently 7.26%.

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in shares of Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after buying an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Primoris Services in the first quarter valued at about $231,000. SG Americas Securities LLC bought a new position in Primoris Services in the first quarter valued at about $1,070,000. KBC Group NV raised its position in Primoris Services by 24.5% in the first quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock valued at $163,000 after purchasing an additional 558 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in Primoris Services by 74.3% in the fourth quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company’s stock valued at $3,514,000 after purchasing an additional 19,530 shares during 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.