Primoris Services (NASDAQ:PRIM) Price Target Raised to $160.00 at Jefferies Financial Group

Key Points

• Jefferies Financial Group raised its price target for Primoris Services from $128.00 to $160.00, indicating a potential upside of 14.73% from its current price.
• The construction company's most recent quarterly earnings showed an EPS of $1.68, surpassing estimates by $0.58, with revenues of $1.89 billion, a 20.9% increase year-over-year.
• Primoris Services currently holds a rating of "Moderate Buy" with nine investment analysts recommending a buy and three offering hold ratings.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price raised by research analysts at Jefferies Financial Group from $128.00 to $160.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the construction company's stock. Jefferies Financial Group's target price points to a potential upside of 14.73% from the company's current price.

Several other analysts have also recently commented on the company. DA Davidson boosted their price target on Primoris Services from $85.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Zacks Research downgraded shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Janney Montgomery Scott began coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They issued a "buy" rating and a $102.00 price target on the stock. KeyCorp increased their price objective on shares of Primoris Services from $119.00 to $129.00 and gave the company an "overweight" rating in a report on Tuesday, September 2nd. Finally, Guggenheim upped their price target on Primoris Services from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Primoris Services currently has an average rating of "Moderate Buy" and an average target price of $121.09.

Primoris Services Price Performance

Shares of PRIM stock traded up $2.16 during trading hours on Wednesday, hitting $139.46. 488,303 shares of the company's stock were exchanged, compared to its average volume of 912,972. 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 firm has a market cap of $7.53 billion, a P/E ratio of 46.18 and a beta of 1.43. The firm has a 50 day moving average of $119.84 and a two-hundred day moving average of $88.21. Primoris Services has a fifty-two week low of $49.10 and a fifty-two week high of $141.54.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly 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 net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the firm earned $1.04 EPS. The firm'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. Sell-side analysts forecast that Primoris Services will post 3.26 EPS for the current year.

Insiders Place Their Bets

In other news, COO Jeremy Kinch sold 3,006 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the transaction, the chief operating officer owned 9,580 shares in the company, valued at approximately $1,187,920. This represents a 23.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael E. Ching sold 2,935 shares of the company'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 completion of the transaction, the director owned 9,534 shares of the company's stock, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,941 shares of company stock worth $3,004,821 over the last 90 days. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Allspring Global Investments Holdings LLC raised its stake in Primoris Services by 34.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after acquiring an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Primoris Services in the first quarter valued at approximately $231,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the first quarter valued at approximately $1,070,000. KBC Group NV grew its position in Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock valued at $163,000 after buying an additional 558 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Primoris Services by 7,798.2% in the 1st quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company's stock valued at $748,000 after buying an additional 12,867 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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