Primoris Services Co. (NASDAQ:PRIM) Receives Consensus Rating of “Buy” from Analysts

Primoris Services Co. (NASDAQ:PRIM) has earned an average recommendation of “Buy” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $91.50.

Several research firms recently issued reports on PRIM. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. upped their target price on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th.

Primoris Services Stock Performance

Shares of PRIM opened at $76.33 on Thursday. Primoris Services has a 12 month low of $33.90 and a 12 month high of $90.86. The stock has a fifty day moving average price of $80.14 and a 200-day moving average price of $67.67. 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 cap of $4.10 billion, a PE ratio of 25.28 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm earned $1.02 EPS. The firm’s revenue was up 7.8% on a year-over-year basis. Equities research analysts predict that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total transaction of $315,533.54. Following the sale, the director now directly owns 7,908 shares of the company’s stock, valued at $621,015.24. This represents a 33.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,018 shares of company stock valued at $1,702,694 in the last ninety days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently modified their holdings of the company. Blue Trust Inc. boosted its stake in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after buying an additional 230 shares in the last quarter. Virtue Capital Management LLC lifted its stake in Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock valued at $952,000 after buying an additional 342 shares in the last quarter. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares in the last quarter. Finally, USA Financial Formulas purchased a new position in Primoris Services in the 4th quarter valued at about $27,000. 91.82% of the stock is owned by hedge funds and other 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.