Jefferies Financial Group Boosts Primoris Services (NASDAQ:PRIM) Price Target to $160.00

Primoris Services (NASDAQ:PRIM) had its price target increased by stock analysts at Jefferies Financial Group from $128.00 to $160.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 16.42% from the stock’s current price.

Several other equities research analysts have also commented on PRIM. UBS Group boosted their target price on shares of Primoris Services from $135.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Guggenheim boosted their target price on shares of Primoris Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. KeyCorp lifted their price target on Primoris Services from $119.00 to $129.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 2nd. Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 price target for the company. Finally, Mizuho assumed coverage on Primoris Services in a research note on Thursday, September 4th. They set a “neutral” rating and a $112.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average price target of $125.17.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $137.44 on Wednesday. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of 45.51 and a beta of 1.43. Primoris Services has a 1-year low of $49.10 and a 1-year high of $142.84. The firm’s fifty day moving average price is $120.71 and its 200 day moving average price is $88.71. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, sell-side analysts expect that Primoris Services will post 3.26 EPS for the current year.

Insider Activity at Primoris Services

In related news, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the completion of the transaction, the director directly owned 82,281 shares of the company’s stock, valued at $9,380,856.81. The trade was a 19.55% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group grew its holdings in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares during the period. Osterweis Capital Management Inc. purchased a new stake in Primoris Services in the 2nd quarter valued at about $34,000. Public Employees Retirement System of Ohio grew its holdings in Primoris Services by 85.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares during the period. Parallel Advisors LLC grew its holdings in Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after buying an additional 194 shares during the period. 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.