Guggenheim Reiterates “Neutral” Rating for Primoris Services (NASDAQ:PRIM)

Primoris Services (NASDAQ:PRIM)‘s stock had its “neutral” rating reissued by investment analysts at Guggenheim in a research note issued to investors on Wednesday, Marketbeat reports.

PRIM has been the subject of a number of other reports. Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. JPMorgan Chase & Co. boosted their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, July 22nd. KeyCorp boosted their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the company an “overweight” rating in a research report on Tuesday, September 2nd. DA Davidson boosted their price objective on shares of Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group boosted their price target on Primoris Services from $128.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and a consensus price target of $128.42.

Primoris Services Price Performance

PRIM stock opened at $138.83 on Wednesday. Primoris Services has a 12 month low of $49.10 and a 12 month high of $142.84. The company has a 50-day moving average price of $124.15 and a 200 day moving average price of $91.39. The stock has a market cap of $7.50 billion, a PE ratio of 45.97 and a beta of 1.43. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Equities research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current year.

Insider Activity at Primoris Services

In other news, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director directly owned 9,534 shares in the company, valued at $1,143,031.26. This trade represents a 23.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,941 shares of company stock valued at $3,004,821 in the last three months. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Several large investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group boosted its position in shares of Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock worth $32,000 after buying an additional 544 shares during the period. Osterweis Capital Management Inc. purchased a new position in Primoris Services during the 2nd quarter valued at about $34,000. Public Employees Retirement System of Ohio boosted its holdings in 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 boosted its holdings in 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. Finally, NewEdge Advisors LLC boosted its stake in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after purchasing an additional 194 shares during the period. 91.82% of the stock is currently 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.