JPMorgan Chase & Co. Raises Primoris Services (NASDAQ:PRIM) Price Target to $102.00

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $90.00 to $102.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 13.25% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. KeyCorp increased their price objective on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Guggenheim restated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, July 17th. Piper Sandler raised their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $91.56.

Primoris Services Stock Up 0.5%

Shares of NASDAQ:PRIM traded up $0.41 during midday trading on Tuesday, reaching $90.07. The company's stock had a trading volume of 332,342 shares, compared to its average volume of 910,948. The firm has a 50 day moving average of $78.21 and a 200-day moving average of $71.66. The firm has a market capitalization of $4.86 billion, a P/E ratio of 29.82 and a beta of 1.37. 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 12-month low of $45.92 and a 12-month high of $90.89.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion for the quarter, compared to analysts' expectations of $1.49 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. On average, research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current year.

Insider Activity

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director owned 102,281 shares in the company, valued at $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 is available at the SEC website. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. grew its holdings in shares of Primoris Services by 46.9% in the second quarter. Blue Trust Inc. now owns 3,313 shares of the construction company's stock valued at $258,000 after purchasing an additional 1,057 shares in the last quarter. Total Wealth Planning & Management Inc. grew its holdings in shares of Primoris Services by 9.5% in the second quarter. Total Wealth Planning & Management Inc. now owns 10,221 shares of the construction company's stock valued at $797,000 after purchasing an additional 887 shares in the last quarter. Blair William & Co. IL purchased a new position in shares of Primoris Services in the second quarter valued at $305,000. Tectonic Advisors LLC purchased a new position in shares of Primoris Services in the second quarter valued at $1,411,000. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Primoris Services by 6.4% in the second quarter. KLP Kapitalforvaltning AS now owns 11,600 shares of the construction company's stock valued at $905,000 after purchasing an additional 700 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.