Primoris Services (NASDAQ:PRIM) Earns Buy Rating from Analysts at Roth Capital

Key Points

• Analysts at Roth Capital have initiated coverage on Primoris Services, assigning a "buy" rating with a target price of $170, indicating a potential upside of 21.90% from its previous close.
• The company's latest quarterly earnings report showed earnings per share (EPS) of $1.68, exceeding estimates by $0.58, and a revenue increase of 20.9% year-over-year.
• Primoris Services has gained significant interest from institutional investors, with reports indicating that 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Investment analysts at Roth Capital began coverage on shares of Primoris Services (NASDAQ:PRIM - Get Free Report) in a research report issued to clients and investors on Thursday. The firm set a "buy" rating and a $170.00 price target on the construction company's stock. Roth Capital's price target would indicate a potential upside of 21.90% from the company's previous close.

A number of other equities analysts also recently commented on PRIM. KeyCorp increased their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Mizuho assumed coverage on shares of Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 target price on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. UBS Group raised their target price on shares of Primoris Services from $135.00 to $158.00 and gave the company a "buy" rating in a research report on Wednesday, October 1st. Finally, Jefferies Financial Group lifted their price target on shares of Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $125.17.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $139.46 on Thursday. Primoris Services has a 1 year low of $49.10 and a 1 year high of $141.54. The firm has a 50 day moving average of $119.84 and a 200-day moving average of $88.21. 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 stock has a market capitalization of $7.53 billion, a P/E ratio of 46.18 and a beta of 1.43.

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

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 20,000 shares of the company's 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the sale, the director owned 9,534 shares in the company, valued at approximately $1,143,031.26. This trade represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,941 shares of company stock valued at $3,004,821. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently made changes to their positions in PRIM. Brooklyn Investment Group increased its holdings 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 valued at $32,000 after acquiring an additional 544 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services in the 2nd quarter worth about $34,000. Public Employees Retirement System of Ohio raised its position in shares of Primoris Services by 85.4% in 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. Parallel Advisors LLC raised its position 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 purchasing an additional 535 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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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