Primoris Services (NASDAQ:PRIM) Price Target Raised to $125.00 at DA Davidson

Key Points

• DA Davidson has increased its target price for Primoris Services (NASDAQ:PRIM) from $85 to $125, indicating a potential upside of 12.06% from the current price.
• The company reported $1.68 earnings per share for the last quarter, surpassing analyst expectations by $0.58, with a revenue of $1.89 billion.
• Analysts generally hold a positive outlook on the stock, with an average rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price lifted by stock analysts at DA Davidson from $85.00 to $125.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. DA Davidson's price target indicates a potential upside of 12.45% from the stock's previous close.

Several other research analysts have also recently issued reports on PRIM. Janney Montgomery Scott began coverage on Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective for the company. JPMorgan Chase & Co. raised their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Piper Sandler lifted their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. UBS Group lifted their price objective on Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.44.

Primoris Services Stock Performance

Shares of PRIM stock traded up $0.05 during trading hours on Wednesday, hitting $111.17. The stock had a trading volume of 763,366 shares, compared to its average volume of 937,302. The firm has a market capitalization of $6.00 billion, a PE ratio of 36.81 and a beta of 1.44. Primoris Services has a twelve month low of $48.33 and a twelve month high of $113.47. The stock's 50 day moving average is $84.32 and its 200 day moving average is $72.84. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the company earned $1.04 earnings per share. The company's revenue for the quarter was up 20.9% on a year-over-year basis. As a group, research analysts forecast that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the sale, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. SG Capital Management LLC bought a new stake in shares of Primoris Services during the second quarter valued at about $12,059,000. Calamos Advisors LLC acquired a new position in Primoris Services during the second quarter worth about $1,686,000. Police & Firemen s Retirement System of New Jersey grew its holdings in Primoris Services by 6.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 12,067 shares of the construction company's stock worth $941,000 after acquiring an additional 687 shares during the period. Geode Capital Management LLC grew its holdings in Primoris Services by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company's stock worth $99,895,000 after acquiring an additional 24,254 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Primoris Services by 24.8% during the second quarter. PNC Financial Services Group Inc. now owns 8,306 shares of the construction company's stock worth $647,000 after acquiring an additional 1,648 shares during the period. 91.82% of the stock is owned by institutional investors and hedge funds.

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.