Primoris Services (NASDAQ:PRIM) Price Target Raised to $85.00 at DA Davidson

Primoris Services (NASDAQ:PRIM) had its price objective boosted by analysts at DA Davidson from $60.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. DA Davidson’s price objective would suggest a potential upside of 7.20% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, UBS Group increased their price objective on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.25.

Primoris Services Stock Performance

PRIM opened at $79.29 on Wednesday. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 26.26 and a beta of 1.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a 1-year low of $29.14 and a 1-year high of $80.09. The business has a 50 day moving average price of $59.50 and a two-hundred day moving average price of $54.48.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Research analysts predict that Primoris Services will post 3.33 EPS for the current fiscal year.

Insider Activity

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares in the company, valued at $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares in the company, valued at $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 56,391 shares of company stock worth $3,227,734 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its stake in shares of 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. increased its position in Primoris Services by 27.3% during 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 increased 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 worth $55,000 after buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC acquired a new position in Primoris Services during the second quarter worth $70,000. Finally, KBC Group NV increased its position in Primoris Services by 28.5% during the third quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after buying an additional 399 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.