Primoris Services' (PRIM) Neutral Rating Reiterated at Cantor Fitzgerald

Primoris Services (NYSE:PRIM - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities researchers at Cantor Fitzgerald in a research note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $105.00 price target on the stock. Cantor Fitzgerald's price target indicates a potential upside of 47.65% from the company's current price.

A number of other equities analysts also recently commented on PRIM. Weiss Ratings downgraded shares of Primoris Services from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, August 6th. JPMorgan Chase & Co. raised shares of Primoris Services from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $105.00 to $116.00 in a research report on Monday, June 29th. Mizuho dropped their price objective on shares of Primoris Services from $135.00 to $117.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 23rd. The Goldman Sachs Group upgraded Primoris Services from a "sell" rating to a "neutral" rating and decreased their target price for the company from $107.00 to $102.00 in a research note on Thursday, June 25th. Finally, Wells Fargo & Company dropped their price target on Primoris Services from $118.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $127.60.

Primoris Services Price Performance

Shares of NYSE PRIM opened at $71.11 on Tuesday. The company's 50-day moving average price is $78.79 and its 200 day moving average price is $108.71. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 27.89 and a beta of 1.43. Primoris Services has a 52 week low of $65.00 and a 52 week high of $205.50. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, topping analysts' consensus estimates of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The business had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the company posted $1.68 EPS. The company's revenue was down 10.7% on a year-over-year basis. As a group, research analysts forecast that Primoris Services will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. BlackRock Inc. bought a new position in shares of Primoris Services in the second quarter valued at approximately $677,685,000. Wellington Management Group LLP lifted its position in Primoris Services by 148.7% in the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock worth $463,434,000 after purchasing an additional 2,795,887 shares during the period. First Trust Advisors LP boosted its stake in Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock valued at $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Geode Capital Management LLC boosted its stake in Primoris Services by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock valued at $164,526,000 after purchasing an additional 42,052 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in shares of Primoris Services by 0.5% during the 4th quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company's stock valued at $118,206,000 after purchasing an additional 4,888 shares during the period. Institutional investors own 91.82% of the company's stock.

About Primoris Services

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.