Primoris Services (NYSE:PRIM) Stock Breaks Above Fifty Day Moving Average - Time to Sell?

Key Points

• Primoris Services shares rose 2.5%, briefly trading at $76.70 and moving above their 50-day average of $75.39, though they remain well below the 200-day average of $113.52.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating from 17 analysts and an average price target of $123.47; recent targets range from $90 to $100.
• The company beat quarterly EPS expectations but reported a 10.7% year-over-year revenue decline to $1.69 billion. Institutional investors own a substantial 91.82% of outstanding shares.

Primoris Services Corporation (NYSE:PRIM - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $75.39 and traded as high as $76.70. Primoris Services shares last traded at $75.6010, with a volume of 1,268,577 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently commented on PRIM. UBS Group reaffirmed a "neutral" rating on shares of Primoris Services in a research note on Monday, August 10th. Piper Sandler started coverage on shares of Primoris Services in a research note on Wednesday, September 9th. They set a "neutral" rating and a $90.00 target price for the company. Zacks Research raised Primoris Services from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Jefferies Financial Group reissued a "buy" rating and set a $99.00 target price on shares of Primoris Services in a research note on Thursday, October 8th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $100.00 price target on shares of Primoris Services in a research note on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $123.47.

Primoris Services Stock Up 2.5%

The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 29.65 and a beta of 1.44. The stock has a 50 day simple moving average of $75.39 and a 200 day simple moving average of $113.52. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, topping analysts' consensus estimates of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm earned $1.68 earnings per share. Primoris Services's revenue for the quarter was down 10.7% on a year-over-year basis. As a group, analysts expect that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Root Financial Partners LLC increased its holdings in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company's stock worth $33,000 after purchasing an additional 69 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Primoris Services in the second quarter valued at approximately $26,000. Persistent Asset Partners Ltd bought a new position in shares of Primoris Services in the second quarter valued at approximately $36,000. Salomon & Ludwin LLC lifted its holdings in shares of Primoris Services by 107.1% in the third quarter. Salomon & Ludwin LLC now owns 377 shares of the company's stock valued at $28,000 after purchasing an additional 195 shares in the last quarter. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services during the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 91.82% of the company's stock.

About Primoris Services

Primoris Services Corporation NYSE: PRIM is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.

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