Glj Research Initiates Coverage on Primoris Services (NASDAQ:PRIM)

Key Points

• Glj Research has initiated coverage on Primoris Services (NASDAQ: PRIM), setting a "buy" rating with a price target of $160.00, indicating a potential upside of approximately 24.49%.
• Primoris Services reported a quarterly EPS of $1.68, significantly exceeding consensus estimates of $1.10, alongside a revenue of $1.89 billion, reflecting a year-over-year increase of 20.9%.
• Currently, nine analysts have rated the stock as a buy and three have given it a hold, with a consensus rating of "Moderate Buy" and an average price target of $108.82.

Glj Research began coverage on shares of Primoris Services (NASDAQ:PRIM - Free Report) in a research report sent to investors on Monday morning,Benzinga reports. The firm issued a buy rating and a $160.00 target price on the construction company's stock.

A number of other equities analysts have also recently commented on PRIM. Guggenheim lifted their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. UBS Group boosted their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. KeyCorp upped their price target on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Mizuho started coverage on shares of Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective on the stock. Finally, DA Davidson upped their price target on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.82.

Primoris Services Stock Performance

PRIM traded up $4.40 on Monday, hitting $133.22. 864,805 shares of the stock traded hands, compared to its average volume of 923,235. Primoris Services has a 52 week low of $49.10 and a 52 week high of $133.36. The firm has a market capitalization of $7.20 billion, a PE ratio of 44.11 and a beta of 1.42. The business has a fifty day moving average price of $108.71 and a two-hundred day moving average price of $82.54. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share 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 company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 EPS. The firm's quarterly 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, research analysts predict that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.2%. Primoris Services's payout ratio is presently 7.26%.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total value of $2,280,200.00. Following the sale, the director owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. The trade was a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,941 shares of company stock valued at $4,165,371. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its position in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares during the last quarter. Brooklyn Investment Group grew its position in shares of Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after acquiring an additional 544 shares during the last quarter. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services during the second quarter worth $34,000. Public Employees Retirement System of Ohio lifted its holdings in Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after acquiring an additional 223 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after buying an additional 535 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

About Primoris Services

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.