Cantor Fitzgerald Begins Coverage on Primoris Services (NASDAQ:PRIM)

Equities research analysts at Cantor Fitzgerald began coverage on shares of Primoris Services (NASDAQ:PRIM) in a report released on Friday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $160.00 price target on the construction company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 7.97% from the company’s previous close.

PRIM has been the topic of a number of other reports. Wells Fargo & Company began coverage on shares of Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price on the stock. Mizuho set a $129.00 price target on shares of Primoris Services in a report on Tuesday, October 28th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $143.00 price target (down previously from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective on the stock in a report on Tuesday, January 13th. Finally, KeyCorp raised their target price on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $143.87.

Primoris Services Price Performance

PRIM stock opened at $148.19 on Friday. Primoris Services has a 1 year low of $49.10 and a 1 year high of $155.19. 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 firm has a market capitalization of $8.01 billion, a PE ratio of 49.07 and a beta of 1.36. The business has a 50 day simple moving average of $130.26 and a 200-day simple moving average of $122.70.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm’s revenue was up 32.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 earnings per share. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Equities research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Transactions at Primoris Services

In other news, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the transaction, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $125.23, for a total value of $1,689,477.93. Following the transaction, the director owned 4,495 shares of the company’s stock, valued at $562,908.85. This trade represents a 75.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 26,888 shares of company stock valued at $3,488,679. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. grew its stake in shares of Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after acquiring an additional 148 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in Primoris Services in the second quarter valued at $34,000. Blue Bell Private Wealth Management LLC acquired a new position in Primoris Services during the 3rd quarter worth $37,000. Cullen Frost Bankers Inc. purchased a new stake in Primoris Services during the 3rd quarter worth about $37,000. Finally, Public Employees Retirement System of Ohio raised its position in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after purchasing an additional 223 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.