KeyCorp Reiterates Sector Weight Rating for Primoris Services (NYSE:PRIM)

Primoris Services (NYSE:PRIM)‘s stock had its “sector weight” rating reaffirmed by analysts at KeyCorp in a report released on Tuesday,Benzinga reports.

PRIM has been the subject of several other research reports. Guggenheim raised their target price on shares of Primoris Services from $184.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, April 20th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $165.00 to $171.00 and gave the company a “neutral” rating in a report on Wednesday, April 1st. Wall Street Zen downgraded Primoris Services from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. DA Davidson set a $180.00 price objective on Primoris Services in a research note on Wednesday, February 25th. Finally, Needham & Company LLC decreased their price objective on Primoris Services from $205.00 to $188.00 and set a “buy” rating for the company in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $153.93.

Primoris Services Price Performance

Shares of NYSE:PRIM opened at $108.22 on Tuesday. Primoris Services has a twelve month low of $73.89 and a twelve month high of $205.50. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. The company has a market cap of $5.87 billion, a PE ratio of 23.84 and a beta of 1.37. The company’s 50 day moving average is $130.63 and its 200 day moving average is $138.43.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.28). The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. On average, sell-side analysts forecast that Primoris Services will post 4.55 EPS for the current year.

Insider Activity

In other Primoris Services news, insider John M. Perisich sold 29,707 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the sale, the insider directly owned 27,574 shares of the company’s stock, valued at approximately $3,525,611.64. This trade represents a 51.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Lee King sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $119.09, for a total value of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This trade represents a 57.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Wellington Management Group LLP raised its position in Primoris Services by 163.0% during the fourth quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company’s stock worth $216,774,000 after acquiring an additional 1,082,218 shares during the period. First Trust Advisors LP raised its position in shares of Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after purchasing an additional 928,155 shares during the last quarter. Norges Bank acquired a new stake in Primoris Services in the 4th quarter worth about $103,368,000. State Street Corp increased its stake in Primoris Services by 56.8% during the 4th quarter. State Street Corp now owns 2,011,488 shares of the company’s stock worth $249,866,000 after buying an additional 728,646 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company’s stock valued at $804,361,000 after acquiring an additional 466,192 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.