Primoris Services (NASDAQ:PRIM) Price Target Raised to $158.00 at UBS Group

Key Points

• UBS Group has raised the price target for Primoris Services from $135.00 to $158.00, indicating a potential upside of 15.18% from the current stock price.
• While UBS maintains a "buy" rating, Zacks Research downgraded the company from "strong-buy" to "hold," highlighting mixed sentiments among analysts.
• Primoris reported a significant earnings surprise, with EPS of $1.68 for the last quarter, exceeding expectations of $1.10, alongside a year-over-year revenue increase of 20.9%.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price hoisted by research analysts at UBS Group from $135.00 to $158.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. UBS Group's target price suggests a potential upside of 15.18% from the stock's current price.

A number of other analysts also recently weighed in on the company. Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. DA Davidson upped their target price on Primoris Services from $85.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. upped 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. Mizuho began coverage on Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 target price for the company. Finally, Janney Montgomery Scott assumed coverage on Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $113.18.

Primoris Services Trading Down 0.1%

NASDAQ:PRIM traded down $0.16 during trading hours on Wednesday, hitting $137.17. The company had a trading volume of 64,610 shares, compared to its average volume of 915,800. 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 company has a 50-day moving average of $114.22 and a 200 day moving average of $85.27. The company has a market cap of $7.41 billion, a P/E ratio of 45.42 and a beta of 1.42. Primoris Services has a 1 year low of $49.10 and a 1 year high of $137.63.

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, beating analysts' consensus estimates of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.Primoris Services's revenue for the quarter was up 20.9% on a year-over-year basis. During the same period last year, the business posted $1.04 EPS. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. Sell-side analysts expect that Primoris Services will post 3.26 earnings per share for the current year.

Insider Buying and Selling at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were 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 of the company's stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of Primoris Services 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 transaction, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 25,941 shares of company stock worth $3,004,821. Insiders own 0.90% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently made changes to their positions in PRIM. Osaic Holdings Inc. grew its position in shares of Primoris Services by 53.3% during the 2nd quarter. Osaic Holdings Inc. now owns 20,425 shares of the construction company's stock valued at $1,490,000 after acquiring an additional 7,104 shares during the period. Hohimer Wealth Management LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $201,000. Public Sector Pension Investment Board raised its position in shares of Primoris Services by 0.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 119,101 shares of the construction company's stock valued at $9,283,000 after buying an additional 334 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Primoris Services by 15.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 14,065 shares of the construction company's stock valued at $1,099,000 after purchasing an additional 1,877 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings 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 during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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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