Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $91.50

Primoris Services Co. (NASDAQ:PRIM) has been given a consensus recommendation of “Buy” by the six research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $91.50.

Several brokerages have recently commented on PRIM. JPMorgan Chase & Co. increased their price objective on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Finally, UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th.

Primoris Services Trading Down 2.1 %

Shares of PRIM stock opened at $75.18 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a fifty day simple moving average of $80.45 and a two-hundred day simple moving average of $67.45. The firm has a market capitalization of $4.04 billion, a PE ratio of 24.89 and a beta of 1.14. Primoris Services has a 52-week low of $33.40 and a 52-week high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued 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 company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the company earned $1.02 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, analysts predict that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Buying and Selling at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was 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 in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 23,018 shares of company stock valued at $1,854,974 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently made changes to their positions in PRIM. USA Financial Formulas purchased a new position in shares of Primoris Services during the 4th quarter worth $27,000. Nisa Investment Advisors LLC increased its stake 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 during the period. Blue Trust Inc. grew its stake in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in Primoris Services during the 3rd quarter worth approximately $59,000. Finally, Principal Securities Inc. raised its position in shares of 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 purchasing an additional 343 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.