Primoris Services (PRIM) to Release Earnings on Monday

Primoris Services (NASDAQ:PRIM) is expected to be announcing its results after the market closes on Monday, February 23rd. Analysts expect the company to announce earnings of $0.95 per share and revenue of $1.8165 billion for the quarter.

Primoris Services Stock Up 1.8%

Shares of NASDAQ PRIM opened at $166.38 on Monday. Primoris Services has a 12-month low of $49.10 and a 12-month high of $174.43. The stock’s fifty day simple moving average is $140.02 and its two-hundred day simple moving average is $130.00. The stock has a market capitalization of $8.99 billion, a PE ratio of 55.09 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.

Insider Buying and Selling

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the transaction, the director owned 21,530 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the sale, the director directly owned 74,466 shares in the company, valued at $10,127,376. This trade represents a 9.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares during the period. Goldman Sachs Group Inc. lifted its stake in Primoris Services by 7.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock valued at $28,337,000 after acquiring an additional 33,934 shares during the period. Caxton Associates LLP purchased a new stake in shares of Primoris Services in the 1st quarter valued at $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Primoris Services by 25.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock worth $9,650,000 after acquiring an additional 33,818 shares during the period. Finally, M&T Bank Corp acquired a new stake in shares of Primoris Services in the second quarter worth $274,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PRIM shares. KeyCorp raised their price objective on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Guggenheim upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a report on Tuesday, January 13th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research report on Wednesday, November 5th. Mizuho set a $129.00 target price on shares of Primoris Services in a research report on Tuesday, October 28th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $143.00 target price (down from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Company Profile

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.