Primoris Services (NASDAQ:PRIM) Research Coverage Started at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note released on Monday, MarketBeat.com reports. The firm issued a sell rating and a $117.00 price objective on the construction company’s stock.

A number of other equities research analysts have also recently issued reports on PRIM. JPMorgan Chase & Co. upped their target price on Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Wells Fargo & Company began coverage on shares of Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective for the company. DA Davidson upped their price objective on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Roth Capital assumed coverage on shares of Primoris Services in a research note on Thursday, October 9th. They issued a “buy” rating and a $170.00 target price on the stock. Finally, Zacks Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and a consensus target price of $140.71.

Primoris Services Trading Up 1.4%

Shares of NASDAQ:PRIM opened at $125.85 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $6.80 billion, a PE ratio of 41.67 and a beta of 1.45. Primoris Services has a 1 year low of $49.10 and a 1 year high of $146.16. The firm has a fifty day moving average price of $132.17 and a 200 day moving average price of $106.14.

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

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services’s dividend payout ratio is 6.31%.

Insider Transactions at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of Primoris Services stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the sale, the chief operating officer owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the transaction, the director owned 9,534 shares of the company’s stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,932 shares of company stock worth $2,869,099 over the last 90 days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. boosted its position in shares of Primoris Services by 224.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in Primoris Services during the third quarter worth about $37,000. Blue Bell Private Wealth Management LLC bought a new position in Primoris Services during the third quarter worth about $37,000. McIlrath & Eck LLC boosted its holdings in Primoris Services by 109.8% during the third quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after purchasing an additional 145 shares in the last quarter. Finally, Richardson Financial Services Inc. grew its stake in shares of Primoris Services by 163.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock valued at $44,000 after purchasing an additional 199 shares during the period. 91.82% of the stock is 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.