Primoris Services (NASDAQ:PRIM) Cut to Hold at Zacks Research

Key Points

• Primoris Services has been downgraded by Zacks Research from a "strong-buy" to a "hold" rating, indicating a shift in analyst sentiment regarding the stock.
• The company's earnings exceeded analysts' expectations, reporting $1.68 EPS compared to the consensus estimate of $1.10, alongside a revenue of $1.89 billion for the quarter.
• A significant minority of the stock is owned by insiders, with 0.90% held by them, highlighting that institutional investors dominate the shareholder structure at Primoris Services.

Primoris Services (NASDAQ:PRIM - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

PRIM has been the topic of a number of other reports. Janney Montgomery Scott began coverage on shares of Primoris Services in a research report on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price objective on the stock. Guggenheim increased their price objective on shares of Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Mizuho began coverage on shares of Primoris Services in a research report on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective on the stock. 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. Finally, 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. Eight analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $103.70.

Primoris Services Price Performance

Primoris Services stock opened at $117.62 on Tuesday. The firm has a market cap of $6.35 billion, a PE ratio of 38.95 and a beta of 1.42. Primoris Services has a 52-week low of $49.10 and a 52-week high of $120.25. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company's 50 day moving average is $102.35 and its two-hundred day moving average is $79.21.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. On average, research analysts expect that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Activity at Primoris Services

In related 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 transaction, the director directly owned 82,281 shares of the company's stock, valued at $9,380,856.81. This trade represents a 19.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PRIM. Versant Capital Management Inc grew its position in 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 purchasing an additional 347 shares during the last quarter. Brooklyn Investment Group grew its position in Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after purchasing an additional 544 shares during the last quarter. Osterweis Capital Management Inc. purchased a new position in Primoris Services during the 2nd quarter worth $34,000. Public Employees Retirement System of Ohio grew its position in 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 purchasing an additional 223 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Primoris Services by 6,687.5% in the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

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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