Needham & Company LLC Begins Coverage on Primoris Services (NASDAQ:PRIM)

Key Points

• Needham & Company LLC has initiated coverage on Primoris Services with a "buy" rating and a price target of $175.00, indicating a potential upside of 27.53% from the current price.
• The construction company reported a 20.9% year-over-year increase in revenue, achieving $1.89 billion and exceeding analysts' estimates, alongside an EPS of $1.68.
• Currently, the average rating for Primoris Services among analysts is a "Moderate Buy" with an average target price of $133.92.

Needham & Company LLC assumed coverage on shares of Primoris Services (NASDAQ:PRIM - Get Free Report) in a report released on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $175.00 price target on the construction company's stock. Needham & Company LLC's price objective indicates a potential upside of 27.53% from the stock's current price.

A number of other research analysts have also weighed in on PRIM. Roth Capital began coverage on Primoris Services in a research note on Thursday, October 9th. They set a "buy" rating and a $170.00 price target on the stock. Guggenheim reissued a "neutral" rating on shares of Primoris Services in a research note on Wednesday, October 15th. KeyCorp increased their price target on Primoris Services from $129.00 to $154.00 and gave the stock an "overweight" rating in a research note on Monday. DA Davidson increased their price target on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group increased their price target on Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $133.92.

Primoris Services Price Performance

PRIM stock opened at $137.23 on Wednesday. Primoris Services has a 1 year low of $49.10 and a 1 year high of $142.84. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock's 50 day moving average price is $125.67 and its 200 day moving average price is $93.33. The firm has a market cap of $7.41 billion, a P/E ratio of 45.44 and a beta of 1.43.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the company earned $1.04 EPS. Primoris Services's revenue was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, sell-side analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael E. Ching sold 2,935 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. This represents a 23.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the sale, the chief operating officer owned 9,580 shares of the company's stock, valued at approximately $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,941 shares of company stock valued at $3,004,821. 0.90% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

Several large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC increased its holdings in Primoris Services by 260.2% in the 3rd quarter. Global Retirement Partners LLC now owns 958 shares of the construction company's stock valued at $132,000 after purchasing an additional 692 shares in the last quarter. SteelPeak Wealth LLC acquired a new stake in Primoris Services in the 3rd quarter valued at $2,468,000. Hennessy Advisors Inc. acquired a new stake in Primoris Services in the 3rd quarter valued at $50,071,000. Calamos Advisors LLC increased its holdings in Primoris Services by 24.7% in the 3rd quarter. Calamos Advisors LLC now owns 26,968 shares of the construction company's stock valued at $3,704,000 after purchasing an additional 5,334 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in Primoris Services by 22.9% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 19,300 shares of the construction company's stock valued at $2,650,000 after purchasing an additional 3,600 shares in the last quarter. 91.82% of the stock is currently 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.

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