Primoris Services (NASDAQ:PRIM) Coverage Initiated at KeyCorp

Equities researchers at KeyCorp initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report issued to clients and investors on Wednesday. The firm set an “overweight” rating and a $96.00 price target on the construction company’s stock. KeyCorp’s target price would suggest a potential upside of 23.85% from the stock’s current price.

PRIM has been the topic of several other reports. DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average target price of $86.00.

Primoris Services Stock Down 1.4 %

Shares of PRIM opened at $77.51 on Wednesday. The stock’s 50-day moving average price is $71.77 and its 200-day moving average price is $59.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 25.67 and a beta of 1.12. Primoris Services has a 52 week low of $30.94 and a 52 week high of $84.97.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the firm earned $1.02 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. On average, sell-side analysts predict that Primoris Services will post 3.45 EPS for the current year.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,409 shares of company stock worth $4,930,428. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRIM. Marshall Wace LLP purchased a new stake in shares of Primoris Services in the second quarter valued at about $28,089,000. Summit Partners Public Asset Management LLC boosted its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Primoris Services by 837.3% in the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after buying an additional 327,412 shares during the period. BNP Paribas Financial Markets raised its position in shares of Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after buying an additional 208,920 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in shares of Primoris Services during the 2nd quarter valued at approximately $9,584,000. Hedge funds and other institutional investors 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.