UBS Group Increases Primoris Services (NASDAQ:PRIM) Price Target to $75.00

Primoris Services (NASDAQ:PRIM) had its price objective lifted by stock analysts at UBS Group from $69.00 to $75.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. UBS Group’s price target indicates a potential upside of 22.27% from the stock’s current price.

Separately, JPMorgan Chase & Co. initiated coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.00.

Primoris Services Stock Performance

Shares of PRIM opened at $61.34 on Wednesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The firm’s 50 day moving average is $56.93 and its 200-day moving average is $52.92. Primoris Services has a 12-month low of $28.96 and a 12-month high of $63.85. The stock has a market capitalization of $3.29 billion, a P/E ratio of 21.60 and a beta of 1.07.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.39. Primoris Services had a return on equity of 14.81% and a net margin of 2.56%. The company had revenue of $1.56 billion for the quarter, compared to analysts’ expectations of $1.54 billion. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 earnings per share. Equities research analysts anticipate that Primoris Services will post 3.33 EPS for the current fiscal year.

Insider Activity

In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the transaction, the director now owns 137,281 shares in the company, valued at approximately $8,133,899.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the transaction, the director now owns 137,281 shares in the company, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,391 shares of company stock worth $3,075,454 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

A number of institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares during the last quarter. Blue Trust Inc. increased its holdings in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares during the last quarter. CWM LLC raised its position in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after acquiring an additional 220 shares in the last quarter. FSC Wealth Advisors LLC acquired a new stake in Primoris Services in the second quarter valued at approximately $70,000. Finally, Canton Hathaway LLC acquired a new stake in Primoris Services in the second quarter valued at approximately $100,000. Institutional investors and hedge funds 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.