Primoris Services (NASDAQ:PRIM) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Primoris Services (NASDAQ:PRIM) had its target price raised by JPMorgan Chase & Co. from $77.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 17.96% from the company’s previous close.

Several other research firms have also recently issued reports on PRIM. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. 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 report on Thursday, November 14th. DA Davidson upped 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. KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Finally, The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. One equities research 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. According to MarketBeat, Primoris Services has a consensus rating of “Buy” and an average target price of $91.50.

Primoris Services Stock Up 3.2 %

PRIM stock opened at $74.60 on Tuesday. 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 has a 50-day moving average of $80.88 and a two-hundred day moving average of $66.86. Primoris Services has a 12 month low of $32.63 and a 12 month high of $90.86. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 24.70 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate 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 return on equity of 15.23% and a net margin of 2.68%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 earnings per share. As a group, analysts forecast that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,018 shares of company stock valued at $1,854,974. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. USA Financial Formulas purchased a new position in shares of Primoris Services in the 4th quarter valued at about $27,000. Nisa Investment Advisors LLC lifted its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after acquiring an additional 584 shares during the last quarter. Blue Trust Inc. grew its holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $59,000. Finally, TD Private Client Wealth LLC raised its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 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.