KeyCorp Boosts Primoris Services (NASDAQ:PRIM) Price Target to $98.00

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target boosted by KeyCorp from $79.00 to $98.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. KeyCorp's price objective indicates a potential upside of 14.70% from the company's previous close.

PRIM has been the topic of several other research reports. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Finally, Piper Sandler raised their price target on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.22.

Primoris Services Trading Down 0.7%

PRIM traded down $0.63 during trading on Wednesday, reaching $85.44. The company had a trading volume of 757,665 shares, compared to its average volume of 785,517. The stock has a market cap of $4.61 billion, a P/E ratio of 28.29 and a beta of 1.37. The business has a 50 day simple moving average of $76.62 and a 200-day simple moving average of $71.28. Primoris Services has a 52 week low of $45.92 and a 52 week high of $90.86. 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 (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period last year, the company earned $0.47 earnings per share. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction dated 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 transaction, the director owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after purchasing an additional 381,284 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after purchasing an additional 3,561 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Primoris Services during the first quarter worth about $1,070,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Primoris Services during the first quarter worth about $231,000. Finally, KBC Group NV grew its stake in shares of Primoris Services by 24.5% during the first quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after acquiring an additional 558 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 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.