UBS Group Cuts Primoris Services (NYSE:PRIM) Price Target to $138.00

Primoris Services (NYSE:PRIM) had its target price decreased by equities research analysts at UBS Group from $186.00 to $138.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 70.88% from the company’s current price.

Other research analysts have also issued reports about the stock. Zacks Research lowered shares of Primoris Services from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. KeyCorp reaffirmed a “sector weight” rating on shares of Primoris Services in a report on Tuesday, June 23rd. JPMorgan Chase & Co. upgraded Primoris Services from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $105.00 to $116.00 in a research report on Monday, June 29th. Wells Fargo & Company reduced their price objective on Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 23rd. Finally, Wolfe Research restated an “outperform” rating and set a $149.00 price objective on shares of Primoris Services in a research report on Monday, June 15th. Eleven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and an average target price of $132.27.

Primoris Services Price Performance

NYSE:PRIM traded down $1.87 on Monday, reaching $80.76. 656,256 shares of the company’s stock traded hands, compared to its average volume of 1,451,739. The stock has a 50-day simple moving average of $94.83 and a 200-day simple moving average of $128.15. Primoris Services has a 12 month low of $65.00 and a 12 month high of $205.50. The firm has a market cap of $4.35 billion, a PE ratio of 31.67 and a beta of 1.43. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company’s revenue was down 10.7% on a year-over-year basis. During the same period last year, the firm posted $1.68 EPS. Equities research analysts forecast that Primoris Services will post 1.87 earnings per share for the current year.

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 20,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director directly owned 14,941 shares in the company, valued at approximately $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the completion of the sale, the insider directly owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. This represents a 51.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Global Retirement Partners LLC acquired a new stake in shares of Primoris Services during the second quarter worth about $26,000. Harbour Investments Inc. acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $33,000. Root Financial Partners LLC grew its position in Primoris Services by 43.1% during the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after buying an additional 69 shares during the period. Osterweis Capital Management Inc. purchased a new position in Primoris Services in the second quarter valued at about $34,000. Finally, Persistent Asset Partners Ltd purchased a new position in Primoris Services in the second quarter valued at about $36,000. Hedge funds and other 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 construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.