Primoris Services (PRIM) Price Target Raised to $34.00

Primoris Services (NASDAQ:PRIM) had its price objective raised by equities researchers at DA Davidson to $34.00 in a note issued to investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the construction company’s stock. DA Davidson’s price target indicates a potential upside of 22.04% from the stock’s previous close.

PRIM has been the topic of several other research reports. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, March 2nd. BidaskClub raised Primoris Services from a “hold” rating to a “buy” rating in a research note on Thursday, May 24th. ValuEngine downgraded Primoris Services from a “buy” rating to a “hold” rating in a research note on Wednesday, May 9th. Sidoti raised Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Canaccord Genuity increased their price target on Primoris Services from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, May 9th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $30.80.

Primoris Services opened at $27.86 on Friday, MarketBeat Ratings reports. Primoris Services has a 52-week low of $23.61 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.58 and a current ratio of 1.58. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 1.78 and a beta of 1.18.



Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, May 8th. The construction company reported $0.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.01. Primoris Services had a return on equity of 9.50% and a net margin of 2.81%. The firm had revenue of $504.10 million for the quarter, compared to the consensus estimate of $485.10 million. During the same quarter in the prior year, the business earned $0.15 EPS. The business’s revenue for the quarter was down 10.2% compared to the same quarter last year. analysts expect that Primoris Services will post 1.58 earnings per share for the current year.

In other news, VP John M. Perisich sold 9,055 shares of the stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $25.14, for a total value of $227,642.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian Pratt sold 169,591 shares of the stock in a transaction on Thursday, June 21st. The shares were sold at an average price of $28.12, for a total value of $4,768,898.92. Following the completion of the transaction, the director now directly owns 7,527,217 shares in the company, valued at approximately $211,665,342.04. The disclosure for this sale can be found here. In the last three months, insiders sold 592,164 shares of company stock worth $15,618,609. 19.50% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California Public Employees Retirement System increased its position in shares of Primoris Services by 16.8% in the 4th quarter. California Public Employees Retirement System now owns 24,633 shares of the construction company’s stock valued at $670,000 after buying an additional 3,544 shares in the last quarter. Swiss National Bank increased its position in shares of Primoris Services by 5.3% in the 1st quarter. Swiss National Bank now owns 71,700 shares of the construction company’s stock valued at $1,791,000 after buying an additional 3,600 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Primoris Services by 24.0% in the 1st quarter. Russell Investments Group Ltd. now owns 21,951 shares of the construction company’s stock valued at $548,000 after buying an additional 4,251 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Primoris Services in the 1st quarter valued at $107,000. Finally, UBS Asset Management Americas Inc. increased its position in shares of Primoris Services by 30.6% in the 4th quarter. UBS Asset Management Americas Inc. now owns 19,446 shares of the construction company’s stock valued at $529,000 after buying an additional 4,559 shares in the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

The Fly

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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