Primoris Services (NASDAQ:PRIM) Receives Neutral Rating from Guggenheim

Key Points

• Guggenheim has restated its "neutral" rating for Primoris Services (NASDAQ:PRIM), amid varying signals from other analysts regarding the stock.
• Primoris Services recently reported strong quarterly earnings with $1.68 EPS, exceeding estimates and showing a year-over-year revenue increase of 20.9%.
• Investor activity includes significant insider selling, with two directors decreasing their stock holdings by over 23% in recent transactions.

Primoris Services (NASDAQ:PRIM - Get Free Report)'s stock had its "neutral" rating restated by Guggenheim in a research report issued on Wednesday,Benzinga reports.

A number of other research firms also recently issued reports on PRIM. Janney Montgomery Scott initiated coverage on 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 raised their price objective on Primoris Services from $119.00 to $129.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 2nd. Zacks Research downgraded Primoris Services from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 9th. Jefferies Financial Group raised their price objective on Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Finally, Mizuho assumed coverage on Primoris Services in a research note on Thursday, September 4th. They issued a "neutral" rating and a $112.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Primoris Services has a consensus rating of "Moderate Buy" and an average target price of $125.17.

Primoris Services Stock Performance

PRIM stock opened at $140.54 on Wednesday. The company has a market cap of $7.59 billion, a P/E ratio of 46.54 and a beta of 1.43. Primoris Services has a 1 year low of $49.10 and a 1 year high of $142.84. 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 stock's fifty day moving average price is $123.04 and its 200-day moving average price is $90.50.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company'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. On average, equities analysts forecast that Primoris Services will post 3.26 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michael E. Ching sold 2,935 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director directly owned 9,534 shares in the company, valued at approximately $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeremy Kinch sold 3,006 shares of the business's 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 completion of the sale, the chief operating officer 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. Over the last three months, insiders have sold 25,941 shares of company stock worth $3,004,821. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. grew its stake in shares of Primoris Services by 2.2% during the second quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company's stock valued at $431,000 after buying an additional 121 shares during the last quarter. DAVENPORT & Co LLC grew its stake in shares of Primoris Services by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 13,068 shares of the construction company's stock valued at $750,000 after buying an additional 175 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock valued at $43,000 after buying an additional 194 shares during the last quarter. Freedom Investment Management Inc. grew its stake in shares of Primoris Services by 4.3% during the first quarter. Freedom Investment Management Inc. now owns 5,042 shares of the construction company's stock valued at $289,000 after buying an additional 207 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after buying an additional 223 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

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