Primoris Services (NASDAQ:PRIM) Now Covered by Analysts at Wells Fargo & Company

Analysts at Wells Fargo & Company began coverage on shares of Primoris Services (NASDAQ:PRIM) in a note issued to investors on Friday,Benzinga reports. The brokerage set an “equal weight” rating and a $138.00 price target on the construction company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 17.61% from the company’s current price.

Other equities research analysts have also issued reports about the company. Jefferies Financial Group reissued a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a research note on Wednesday, November 5th. Guggenheim restated a “neutral” rating on shares of Primoris Services in a report on Wednesday, October 15th. Mizuho set a $129.00 price target on shares of Primoris Services in a report on Tuesday, October 28th. DA Davidson increased their target price on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $142.54.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $0.91 during trading on Friday, hitting $117.34. The stock had a trading volume of 37,342 shares, compared to its average volume of 905,930. 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 business has a fifty day moving average of $131.96 and a two-hundred day moving average of $102.37. Primoris Services has a fifty-two week low of $49.10 and a fifty-two week high of $146.16. The firm has a market cap of $6.34 billion, a P/E ratio of 38.82 and a beta of 1.45.

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

Insider Activity

In other Primoris Services news, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer directly owned 21,302 shares in the company, valued at $2,769,260. This represents a 14.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 22,932 shares of company stock worth $2,869,099 in the last 90 days. Insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in shares of Primoris Services by 136.0% during the third quarter. Wellington Management Group LLP now owns 663,985 shares of the construction company’s stock worth $91,185,000 after buying an additional 382,597 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Primoris Services in the third quarter valued at approximately $242,000. Comerica Bank boosted its stake in Primoris Services by 210.6% in the third quarter. Comerica Bank now owns 119,086 shares of the construction company’s stock valued at $16,354,000 after acquiring an additional 80,744 shares during the last quarter. Portolan Capital Management LLC grew its holdings in Primoris Services by 50.1% during the 3rd quarter. Portolan Capital Management LLC now owns 149,241 shares of the construction company’s stock worth $20,495,000 after acquiring an additional 49,792 shares during the period. Finally, FORA Capital LLC acquired a new stake in Primoris Services during the 3rd quarter worth $224,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.