Primoris Services (NASDAQ:PRIM) Coverage Initiated at Glj Research

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.

Equities research analysts at Glj Research initiated coverage on shares of Primoris Services (NASDAQ:PRIM - Get Free Report) in a research report issued on Monday,Benzinga reports. The brokerage set a "buy" rating and a $160.00 price target on the construction company's stock. Glj Research's price objective would indicate a potential upside of 24.49% from the stock's previous close.

A number of other research analysts have also weighed in on the stock. Mizuho initiated coverage on shares of Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price target on the stock. KeyCorp increased their price target on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Janney Montgomery Scott started coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. UBS Group increased 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. Finally, DA Davidson increased their price objective 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 stock. Based on data from MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and an average price target of $108.82.

Primoris Services Stock Up 1.3%

PRIM stock opened at $128.53 on Monday. Primoris Services has a 52-week low of $49.10 and a 52-week high of $129.02. The company's 50 day simple moving average is $107.80 and its 200-day simple moving average is $82.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $6.94 billion, a P/E ratio of 42.56 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.10 by $0.58. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company 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 business posted $1.04 EPS. Primoris Services'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. As a group, equities research analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Insider Activity

In other Primoris Services news, Director Michael E. Ching sold 2,935 shares of the stock in a transaction dated 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 trade represents a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer directly owned 9,580 shares in the company, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,941 shares of company stock valued at $4,165,371. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. increased its holdings in shares of Primoris Services by 2.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company's stock valued at $431,000 after acquiring an additional 121 shares during the last quarter. DAVENPORT & Co LLC lifted its position in Primoris Services by 1.4% during the 1st quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock worth $750,000 after acquiring an additional 175 shares during the period. NewEdge Advisors LLC lifted its position in Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after acquiring an additional 194 shares during the period. Freedom Investment Management Inc. lifted its position in Primoris Services by 4.3% during the 1st quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock worth $289,000 after acquiring an additional 207 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after buying an additional 223 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.

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