Guggenheim Initiates Coverage on Primoris Services (NASDAQ:PRIM)

Equities research analysts at Guggenheim began coverage on shares of Primoris Services (NASDAQ:PRIM) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $102.00 price target on the construction company’s stock. Guggenheim’s price objective would indicate a potential upside of 30.45% from the stock’s current price.

Several other equities analysts have also weighed in on PRIM. DA Davidson raised their target price 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 Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price target for the company. The Goldman Sachs Group lifted their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, UBS Group raised their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $88.67.

Primoris Services Stock Down 2.4 %

PRIM opened at $78.19 on Wednesday. The company has a market capitalization of $4.20 billion, a PE ratio of 25.89 and a beta of 1.14. 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 fifty-two week low of $31.06 and a fifty-two week high of $84.97. The business has a 50-day moving average of $78.97 and a 200-day moving average of $63.43.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share. Equities research analysts forecast that Primoris Services will post 3.47 EPS for the current fiscal year.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the transaction, the director now owns 25,818 shares in the company, valued at $1,965,782.52. This represents a 7.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,018 shares of company stock valued at $1,854,974. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its holdings in Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. raised its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the third quarter valued at $59,000. TD Private Client Wealth LLC lifted its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the period. Finally, CWM LLC boosted its holdings in Primoris Services by 37.5% in the third quarter. CWM LLC now owns 1,506 shares of the construction company’s stock valued at $87,000 after acquiring an additional 411 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.