Primoris Services (NASDAQ:PRIM) Given New $100.00 Price Target at UBS Group

Primoris Services (NASDAQ:PRIM) had its price target increased by equities researchers at UBS Group from $75.00 to $100.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. UBS Group’s price objective would indicate a potential upside of 26.15% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

Primoris Services Stock Performance

NASDAQ PRIM traded up $0.07 on Thursday, hitting $79.27. 26,209 shares of the company’s stock traded hands, compared to its average volume of 581,733. The firm has a market capitalization of $4.26 billion, a PE ratio of 26.18 and a beta of 1.05. Primoris Services has a 1-year low of $29.14 and a 1-year high of $83.40. The firm’s 50-day moving average price is $61.66 and its two-hundred day moving average price is $55.53. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 earnings per share. As a group, analysts expect that Primoris Services will post 3.45 EPS for the current year.

Insider Transactions at Primoris Services

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 transaction of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John P. Schauerman sold 25,000 shares of Primoris Services 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 transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now directly owns 25,818 shares of the company’s stock, valued at $1,965,782.52. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,391 shares of company stock valued at $3,227,734 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its position in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the period. Blue Trust Inc. increased its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC lifted its position in Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares during the last quarter. FSC Wealth Advisors LLC purchased a new position in Primoris Services during the second quarter worth about $70,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Primoris Services during the second quarter valued at about $100,000. 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.