Primoris Services (NASDAQ:PRIM) Price Target Raised to $63.00

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target raised by stock analysts at UBS Group from $44.00 to $63.00 in a report issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. UBS Group's price objective suggests a potential upside of 34.76% from the stock's current price.

A number of other equities analysts have also issued reports on the company. StockNews.com lowered Primoris Services from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 7th. DA Davidson lifted their target price on Primoris Services from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday. Finally, The Goldman Sachs Group boosted their price target on shares of Primoris Services from $38.00 to $43.00 and gave the stock a "neutral" rating in a research report on Thursday.

Primoris Services Stock Performance

Shares of PRIM traded up $1.55 during trading hours on Friday, reaching $46.75. 702,745 shares of the company's stock traded hands, compared to its average volume of 475,405. Primoris Services has a twelve month low of $23.48 and a twelve month high of $47.87. The business's fifty day simple moving average is $39.10 and its two-hundred day simple moving average is $34.27. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.41 and a quick ratio of 1.41. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 20.19 and a beta of 1.19.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.64 by $0.21. The firm had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. Primoris Services's quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the company earned $0.93 EPS. Analysts predict that Primoris Services will post 2.61 earnings per share for the current year.

Insider Transactions at Primoris Services

In related news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares of the company's stock, valued at approximately $362,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $40.61, for a total transaction of $812,200.00. Following the sale, the director now directly owns 237,281 shares of the company's stock, valued at approximately $9,635,981.41. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Travis L. Stricker sold 7,500 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company's stock, valued at approximately $362,720. The disclosure for this sale can be found here. Insiders have sold 50,000 shares of company stock valued at $2,040,125 over the last three months. Company insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. CWM LLC grew its stake in Primoris Services by 85.1% during the 4th quarter. CWM LLC now owns 855 shares of the construction company's stock valued at $28,000 after acquiring an additional 393 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Primoris Services by 47.5% during the first quarter. Tower Research Capital LLC TRC now owns 1,447 shares of the construction company's stock worth $35,000 after purchasing an additional 466 shares during the period. Lazard Asset Management LLC purchased a new position in Primoris Services during the third quarter valued at approximately $38,000. Point72 Hong Kong Ltd acquired a new position in Primoris Services in the 4th quarter valued at approximately $43,000. Finally, Group One Trading L.P. purchased a new stake in Primoris Services in the 3rd quarter worth approximately $44,000. 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.