Primoris Services (NASDAQ:PRIM) Coverage Initiated at Janney Montgomery Scott

Janney Montgomery Scott started coverage on shares of Primoris Services (NASDAQ:PRIM - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage set a "buy" rating and a $102.00 price target on the construction company's stock. Janney Montgomery Scott's price target would indicate a potential upside of 24.36% from the stock's previous close.

A number of other research analysts have also commented on the stock. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, April 10th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price target on the stock. Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, KeyCorp lifted their price target on shares of Primoris Services from $67.00 to $74.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average price target of $87.56.

Primoris Services Stock Performance

NASDAQ PRIM opened at $82.02 on Thursday. Primoris Services has a 1-year low of $45.92 and a 1-year high of $90.86. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 27.16 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $72.19 and a 200-day moving average of $70.92.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the business posted $0.47 EPS. The firm's quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts forecast that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRIM. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 97.4% during the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock valued at $59,026,000 after buying an additional 381,284 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Primoris Services in the 1st quarter worth approximately $1,070,000. Hsbc Holdings PLC grew its stake in Primoris Services by 74.3% in the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock valued at $3,514,000 after purchasing an additional 19,530 shares during the period. GAMMA Investing LLC increased its position in shares of Primoris Services by 7,798.2% during the 1st quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after purchasing an additional 12,867 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Primoris Services by 14.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 692,953 shares of the construction company's stock worth $52,942,000 after purchasing an additional 85,943 shares during the period. Institutional investors and hedge funds own 91.82% of the company's stock.

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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