Primoris Services (NYSE:PRIM) Stock Price Target Lowered at Piper Sandler

Primoris Services (NYSE:PRIM) had its price target dropped by investment analysts at Piper Sandler from $90.00 to $80.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler‘s price objective indicates a potential upside of 22.22% from the stock’s current price.

Several other research analysts have also weighed in on PRIM. Wells Fargo & Company cut their price objective on shares of Primoris Services from $85.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday. Roth Capital restated a “buy” rating and issued a $100.00 target price on shares of Primoris Services in a report on Monday, July 20th. Needham & Company LLC dropped their price target on shares of Primoris Services from $172.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday. UBS Group reaffirmed a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Finally, Guggenheim decreased their price target on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.53.

Primoris Services Stock Performance

NYSE PRIM opened at $65.46 on Monday. The business’s 50-day moving average price is $74.55 and its 200 day moving average price is $111.35. Primoris Services has a twelve month low of $57.72 and a twelve month high of $205.50. The company has a market capitalization of $3.44 billion, a PE ratio of 36.98 and a beta of 1.44. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.48.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.39. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2 billion. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The firm’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period last year, the company earned $1.88 EPS. On average, research analysts predict that Primoris Services will post 1.77 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its stake in shares of Primoris Services by 238.1% during the third quarter. Russell Investments Group Ltd. now owns 174,054 shares of the company’s stock worth $12,971,000 after purchasing an additional 122,576 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Primoris Services by 62.5% in the third quarter. Fifth Third Bancorp now owns 70,476 shares of the company’s stock valued at $5,252,000 after buying an additional 27,107 shares in the last quarter. King Luther Capital Management Corp grew its stake in shares of Primoris Services by 11.3% in the third quarter. King Luther Capital Management Corp now owns 26,012 shares of the company’s stock valued at $1,938,000 after buying an additional 2,638 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Primoris Services by 36.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 15,256 shares of the company’s stock valued at $1,137,000 after buying an additional 4,051 shares during the period. Finally, Lido Advisors LLC raised its holdings in shares of Primoris Services by 3.6% during the 3rd quarter. Lido Advisors LLC now owns 6,244 shares of the company’s stock valued at $465,000 after buying an additional 215 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors.

The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance.

Primoris serves customers primarily in the United States and Canada.