Primoris Services (NASDAQ:PRIM) Earns Buy Rating from Analysts at Guggenheim

Analysts at Guggenheim assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a report issued 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 target price would suggest a potential upside of 30.45% from the stock’s current price.

Several other equities research analysts also recently commented on PRIM. UBS Group upped their target price 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. JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group boosted 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. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Primoris Services has an average rating of “Buy” and an average price target of $88.67.

Primoris Services Stock Performance

PRIM stock opened at $78.19 on Wednesday. Primoris Services has a twelve month low of $31.06 and a twelve month high of $84.97. 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 cap of $4.20 billion, a P/E ratio of 25.89 and a beta of 1.14. The business’s fifty day moving average is $78.97 and its 200-day moving average is $63.43.

Primoris Services (NASDAQ:PRIM) last released 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. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Equities research analysts forecast that Primoris Services will post 3.47 EPS for the current year.

Insider Buying and Selling at Primoris Services

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

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently modified their holdings of PRIM. Geode Capital Management LLC boosted its position in Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after purchasing an additional 15,070 shares during the last quarter. Summit Partners Public Asset Management LLC raised its stake in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Yaupon Capital Management LP boosted its holdings in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after buying an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after buying an additional 91,235 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Primoris Services during the second quarter worth $28,089,000. Institutional investors 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.