Primoris Services (NASDAQ:PRIM) Given New $129.00 Price Target at KeyCorp

Key Points

• KeyCorp raised the price target for Primoris Services (NASDAQ:PRIM) from $119.00 to $129.00, indicating a potential upside of 8.67% from its previous close.
• The construction company reported $1.68 EPS for the last quarter, exceeding analysts' expectations of $1.10, with revenues of $1.89 billion.
• Institutional investors have significantly increased their positions in Primoris Services, with notable growth from firms such as Brooklyn Investment Group, which grew its holdings by 3,626.7% in the first quarter.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target upped by analysts at KeyCorp from $119.00 to $129.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. KeyCorp's price target suggests a potential upside of 10.47% from the stock's previous close.

Several other brokerages have also commented on PRIM. Guggenheim upped their price target on Primoris Services from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Janney Montgomery Scott initiated 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 for the company. Finally, DA Davidson lifted their target price on shares of Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Primoris Services presently has an average rating of "Moderate Buy" and a consensus price target of $103.70.

Primoris Services Trading Down 0.4%

Shares of PRIM stock traded down $0.47 during trading hours on Tuesday, hitting $116.78. 734,261 shares of the company were exchanged, compared to its average volume of 920,619. The firm has a fifty day moving average of $100.21 and a 200 day moving average of $78.23. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1 year low of $48.33 and a 1 year high of $120.25. The firm has a market cap of $6.31 billion, a PE ratio of 38.67 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.69 billion. During the same quarter last year, the firm posted $1.04 earnings per share. 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. Analysts expect that Primoris Services will post 3.26 earnings per share for the current year.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director owned 82,281 shares in the company, valued at $9,380,856.81. This represents a 19.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.90% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. lifted its holdings in shares of Primoris Services by 53.3% in the second quarter. Osaic Holdings Inc. now owns 20,425 shares of the construction company's stock valued at $1,490,000 after buying an additional 7,104 shares during the period. Hohimer Wealth Management LLC bought a new stake in Primoris Services in the second quarter worth about $201,000. Public Sector Pension Investment Board raised its position in Primoris Services by 0.3% in the second quarter. Public Sector Pension Investment Board now owns 119,101 shares of the construction company's stock worth $9,283,000 after acquiring an additional 334 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Primoris Services by 15.4% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,065 shares of the construction company's stock valued at $1,099,000 after acquiring an additional 1,877 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Primoris Services by 506.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,426 shares of the construction company's stock valued at $579,000 after purchasing an additional 6,202 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.