Primoris Services (NASDAQ:PRIM) Price Target Raised to $141.00

Key Points

• JPMorgan Chase & Co. raised the price target for Primoris Services from $128.00 to $141.00, maintaining an "overweight" rating, indicating a potential downside of 0.24% from the current stock price.
• Primoris Services reported a $1.68 EPS for the last quarter, exceeding estimates significantly, with revenues increasing by 20.9% year-over-year to $1.89 billion.
• Several analysts have issued positive ratings for Primoris Services, with target prices ranging from $102.00 to $170.00, contributing to an average consensus target price of $128.42.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $128.00 to $141.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 0.24% from the stock's current price.

A number of other analysts have also recently commented on PRIM. Janney Montgomery Scott assumed 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. Jefferies Financial Group upped their price objective on shares of Primoris Services from $128.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, October 8th. UBS Group increased their target price on Primoris Services from $135.00 to $158.00 and gave the stock a "buy" rating in a report on Wednesday, October 1st. Roth Capital began coverage on Primoris Services in a report on Thursday, October 9th. They set a "buy" rating and a $170.00 target price for the company. Finally, KeyCorp increased their target price on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $128.42.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $3.22 during midday trading on Thursday, hitting $141.35. 287,551 shares of the company were exchanged, compared to its average volume of 907,706. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $7.63 billion, a P/E ratio of 46.77 and a beta of 1.43. Primoris Services has a 52 week low of $49.10 and a 52 week high of $142.84. The firm has a 50 day simple moving average of $123.60 and a 200-day simple moving average of $90.83.

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

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 20,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director directly owned 82,281 shares in the company, valued at $9,380,856.81. This trade represents a 19.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $124.00, for a total transaction of $372,744.00. Following the transaction, the chief operating officer directly owned 9,580 shares in the company, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,941 shares of company stock worth $3,004,821. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds 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 worth $32,000 after purchasing an additional 544 shares during the period. Osterweis Capital Management Inc. bought a new position in Primoris Services in the second quarter valued at approximately $34,000. Public Employees Retirement System of Ohio increased its stake in Primoris Services by 85.4% in the second 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 last quarter. Parallel Advisors LLC increased its stake in Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after acquiring an additional 535 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after acquiring an additional 194 shares during the last quarter. 91.82% of the stock is owned by 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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