Mizuho Initiates Coverage on Primoris Services (NASDAQ:PRIM)

Key Points

• Mizuho analysts have initiated coverage on Primoris Services with a "neutral" rating and a price target of $112.00, suggesting a potential downside of 2.76% from the stock's last close.
• Guggenheim has a more bullish outlook, raising its target price to $130.00 while assigning a "buy" rating, reflecting a range of opinions on the company's performance.
• Primoris Services recently reported a $1.68 EPS for Q2, significantly beating estimates and showing a 20.9% increase in revenue year-over-year.

Mizuho started coverage on shares of Primoris Services (NASDAQ:PRIM - Free Report) in a research note published on Thursday, MarketBeat reports. The brokerage issued a neutral rating and a $112.00 price target on the construction company's stock.

Several other equities analysts have also recently commented on the company. KeyCorp increased their target price on Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a research note on Tuesday, September 2nd. Guggenheim increased their target price on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Piper Sandler increased their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. increased their target price on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, Janney Montgomery Scott began coverage on Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective on the stock. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $103.70.

Primoris Services Stock Down 3.2%

NASDAQ:PRIM traded down $3.66 during trading hours on Thursday, hitting $112.30. The stock had a trading volume of 612,178 shares, compared to its average volume of 916,726. 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 has a 1-year low of $48.40 and a 1-year high of $120.25. The business has a 50 day simple moving average of $100.96 and a two-hundred day simple moving average of $78.71. The company has a market cap of $6.07 billion, a PE ratio of 37.25 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company earned $1.04 earnings per share. Primoris Services's revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Analysts predict that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th. Primoris Services's payout ratio is 7.26%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 in the company, valued at approximately $9,380,856.81. The trade was a 19.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Brooklyn Investment Group boosted its stake in Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock valued at $32,000 after purchasing an additional 544 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services during the 2nd quarter valued at $34,000. Public Employees Retirement System of Ohio lifted its position 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 valued at $38,000 after acquiring an additional 223 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after buying an additional 535 shares during the last quarter. 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.