DA Davidson Raises Primoris Services (NASDAQ:PRIM) Price Target to $150.00

Primoris Services (NASDAQ:PRIM) had its price objective increased by analysts at DA Davidson from $125.00 to $150.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. DA Davidson’s target price would indicate a potential upside of 18.47% from the company’s current price.

Other analysts also recently issued research reports about the stock. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. Mizuho set a $129.00 price objective on shares of Primoris Services in a research note on Tuesday, October 28th. UBS Group boosted their price objective on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their price target on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.92.

Primoris Services Trading Down 2.9%

Shares of NASDAQ:PRIM opened at $126.62 on Wednesday. The business’s 50-day moving average is $131.30 and its 200 day moving average is $100.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 1 year low of $49.10 and a 1 year high of $146.16. The firm has a market capitalization of $6.84 billion, a P/E ratio of 41.93 and a beta of 1.45.

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

Insider Buying and Selling at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael E. Ching sold 2,935 shares of Primoris Services stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the transaction, the director owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 25,941 shares of company stock worth $3,004,821. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. lifted its stake in shares of Primoris Services by 224.2% in the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after purchasing an additional 148 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in Primoris Services during the third quarter valued at $37,000. Blue Bell Private Wealth Management LLC purchased a new position in Primoris Services in the third quarter valued at $37,000. McIlrath & Eck LLC raised its position in shares of Primoris Services by 109.8% in the third quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock worth $38,000 after acquiring an additional 145 shares during the period. Finally, Richardson Financial Services Inc. raised its position in shares of Primoris Services by 163.1% in the third quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.