Guggenheim Begins Coverage on Primoris Services (NASDAQ:PRIM)

Equities research analysts at Guggenheim started coverage on shares of Primoris Services (NASDAQ:PRIM) in a note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $102.00 price target on the construction company’s stock. Guggenheim’s target price indicates a potential upside of 29.67% from the stock’s current price.

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

Primoris Services Trading Up 0.8 %

Shares of PRIM opened at $78.66 on Wednesday. Primoris Services has a 1-year low of $31.22 and a 1-year high of $84.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $79.27 and its 200-day moving average price is $63.54. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of 26.05 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data 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 return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm posted $1.02 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Sell-side analysts anticipate that Primoris Services will post 3.47 EPS for the current year.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of Primoris Services stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,018 shares of company stock valued at $1,854,974. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Primoris Services

Several large investors have recently modified their holdings of the company. Fulton Bank N.A. boosted its position in Primoris Services by 3.5% in the fourth quarter. Fulton Bank N.A. now owns 12,022 shares of the construction company’s stock worth $918,000 after purchasing an additional 406 shares during the last quarter. Oliver Luxxe Assets LLC boosted its holdings in shares of Primoris Services by 2.6% in the fourth quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company’s stock worth $2,403,000 after buying an additional 785 shares during the last quarter. Principal Financial Group Inc. grew its position in Primoris Services by 45.0% during the third quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock valued at $2,940,000 after buying an additional 15,710 shares during the period. TD Private Client Wealth LLC raised its position in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the period. Finally, Virtue Capital Management LLC boosted its stake in shares of Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after acquiring an additional 342 shares during the last quarter. 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.