KeyCorp Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

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 target increased by KeyCorp from $98.00 to $119.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the construction company's stock.

PRIM has been the subject of a number of other research reports. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Primoris Services in a research note on Thursday, July 17th. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Piper Sandler increased their price objective on shares of Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, UBS Group increased their price objective on shares of Primoris Services from $100.00 to $110.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $99.44.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $0.05 during mid-day trading on Wednesday, reaching $111.17. 763,366 shares of the company traded hands, compared to its average volume of 937,302. The company's 50 day moving average price is $84.32 and its 200-day moving average price is $72.84. The firm has a market cap of $6.00 billion, a PE ratio of 36.81 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. Primoris Services has a 52 week low of $48.33 and a 52 week high of $113.47.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued 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. 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 during the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the business posted $1.04 EPS. Primoris Services's revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities analysts expect that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

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

Insider Transactions at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value 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 trade represents a 12.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Primoris Services

Several institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in shares of Primoris Services during the first quarter valued at $111,497,000. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Primoris Services by 122.2% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,783,872 shares of the construction company's stock valued at $102,412,000 after buying an additional 980,940 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Primoris Services by 262.1% during the first quarter. Millennium Management LLC now owns 728,405 shares of the construction company's stock valued at $41,818,000 after buying an additional 527,240 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Primoris Services by 27.5% during the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after buying an additional 430,589 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in shares of Primoris Services during the first quarter valued at $24,133,000. Institutional investors own 91.82% of the company's stock.

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.