Primoris Services (NASDAQ:PRIM) Stock Rating Upgraded by Roth Capital

Primoris Services (NASDAQ:PRIM) was upgraded by equities research analysts at Roth Capital to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

PRIM has been the topic of several other research reports. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 22nd. UBS Group raised their target price on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Guggenheim raised their price target on shares of Primoris Services from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, August 19th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price for the company. Finally, DA Davidson raised their target price on Primoris Services from $85.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $125.17.

Primoris Services Trading Down 1.3%

Shares of NASDAQ:PRIM opened at $137.44 on Wednesday. The company’s 50-day moving average price is $120.71 and its two-hundred 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 has a one year low of $49.10 and a one year high of $142.84. The stock has a market capitalization of $7.42 billion, a PE ratio of 45.51 and a beta of 1.43.

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

Insiders Place Their Bets

In other news, COO Jeremy Kinch sold 3,006 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the sale, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the firm’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares of the company’s stock, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,941 shares of company stock valued at $3,004,821 in the last quarter. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PRIM. Horizons Wealth Management boosted its position in shares of Primoris Services by 134.9% in the third quarter. Horizons Wealth Management now owns 9,338 shares of the construction company’s stock worth $1,282,000 after purchasing an additional 5,362 shares during the period. Osaic Holdings Inc. raised its stake in shares of Primoris Services by 53.3% in the second quarter. Osaic Holdings Inc. now owns 20,425 shares of the construction company’s stock valued at $1,490,000 after acquiring an additional 7,104 shares during the period. Hohimer Wealth Management LLC purchased a new stake in shares of Primoris Services in the second quarter valued at $201,000. Public Sector Pension Investment Board raised its stake in shares of Primoris Services by 0.3% in the second quarter. Public Sector Pension Investment Board now owns 119,101 shares of the construction company’s stock valued at $9,283,000 after acquiring an additional 334 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in Primoris Services by 15.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,065 shares of the construction company’s stock worth $1,099,000 after buying an additional 1,877 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.