KeyCorp Issues Positive Forecast for Primoris Services (NASDAQ:PRIM) Stock Price

Key Points

• KeyCorp has increased its price target for Primoris Services from $98.00 to $119.00, suggesting a potential upside of 9.25% from the stock's previous close, maintaining an "overweight" rating.
• The company reported impressive quarterly earnings, with an EPS of $1.68, exceeding expectations of $1.10, and showing a revenue increase of 20.9% year-over-year.
• Institutional ownership of Primoris Services stock is high, with 91.82% owned by hedge funds and other investors, indicating strong market confidence.

Primoris Services (NASDAQ:PRIM - Free Report) had its price objective increased by KeyCorp from $98.00 to $119.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the construction company's stock.

A number of other research analysts also recently issued reports on the stock. 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 target on the stock. UBS Group boosted their target price on shares of Primoris Services from $100.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday. Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Finally, Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Primoris Services currently has a consensus rating of "Moderate Buy" and an average target price of $99.44.

Primoris Services Price Performance

Primoris Services stock traded up $0.90 during trading hours on Wednesday, hitting $112.02. The stock had a trading volume of 114,452 shares, compared to its average volume of 932,791. Primoris Services has a 1-year low of $48.33 and a 1-year high of $113.47. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of 37.18 and a beta of 1.44. 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 is $83.54 and its two-hundred day moving average is $72.89.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.58. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.04 earnings per share. As a group, analysts predict that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is currently 7.26%.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the sale, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. This represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc lifted its stake in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after acquiring an additional 544 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Primoris Services by 85.4% during the 2nd 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 period. Parallel Advisors LLC increased its holdings in Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the last quarter. 91.82% of the stock is owned by 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.