DA Davidson Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Primoris Services (NASDAQ:PRIM) had its price target upped by stock analysts at DA Davidson from $125.00 to $150.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. DA Davidson’s price objective would suggest a potential upside of 15.18% from the stock’s current price.

Several other brokerages also recently weighed in on PRIM. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday. Guggenheim reissued a “neutral” rating on shares of Primoris Services in a research note on Wednesday, October 15th. Roth Capital assumed coverage on shares of Primoris Services in a research report on Thursday, October 9th. They set a “buy” rating and a $170.00 target price on the stock. Finally, Glj Research assumed coverage on Primoris Services in a report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $137.92.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $2.21 during trading on Wednesday, hitting $130.23. 1,253,982 shares of the company were exchanged, compared to its average volume of 911,437. Primoris Services has a fifty-two week low of $49.10 and a fifty-two week high of $146.16. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average price of $130.91 and a 200 day moving average price of $99.67. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 43.12 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The firm had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the firm earned $1.22 EPS. Primoris Services’s quarterly revenue was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at approximately $1,187,920. This represents a 23.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 25,941 shares of company stock valued at $3,004,821. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Large investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. increased its holdings in shares of Primoris Services by 224.2% during the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after purchasing an additional 148 shares during the period. Brooklyn Investment Group grew its position in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services during the 2nd quarter worth about $34,000. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Primoris Services in the 3rd quarter worth approximately $37,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Primoris Services in the third quarter valued at approximately $37,000. 91.82% of the stock is currently owned by institutional investors.

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.