Primoris Services (NASDAQ:PRIM) Stock Rating Upgraded by Guggenheim

Primoris Services (NASDAQ:PRIM) was upgraded by equities researchers at Guggenheim from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $160.00 target price on the construction company’s stock. Guggenheim’s price objective would suggest a potential upside of 19.16% from the company’s previous close.

Several other research analysts have also issued reports on the company. Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson increased their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. UBS Group boosted their price target on shares of Primoris Services from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Wells Fargo & Company assumed coverage on shares of Primoris Services in a report on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective on the stock. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $143.00 price objective (down from $145.00) on shares of Primoris Services in a report on Monday, December 8th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $142.71.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $134.27 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a twelve month low of $49.10 and a twelve month high of $146.16. The company has a fifty day moving average of $126.31 and a 200-day moving average of $118.90. The firm has a market capitalization of $7.25 billion, a P/E ratio of 44.46 and a beta of 1.36.

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

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 7,815 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the transaction, the director owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following the sale, the chief executive officer owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. The trade was a 14.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 26,888 shares of company stock valued at $3,488,679. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

A number of large investors have recently bought and sold shares of PRIM. Hodges Capital Management Inc. bought a new position in Primoris Services during the second quarter worth about $3,320,000. Federated Hermes Inc. lifted its stake in shares of Primoris Services by 5.8% during the 2nd quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock valued at $27,106,000 after buying an additional 18,951 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Primoris Services in the 2nd quarter worth approximately $368,000. Boston Partners grew its stake in Primoris Services by 14.1% in the 2nd quarter. Boston Partners now owns 564,898 shares of the construction company’s stock valued at $47,823,000 after buying an additional 69,996 shares in the last quarter. Finally, Capital Fund Management S.A. purchased a new position in shares of Primoris Services in the second quarter valued at $1,283,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.