Primoris Services (NASDAQ:PRIM) Stock Price Expected to Rise, KeyCorp Analyst Says

Key Points

• KeyCorp has increased its price target for Primoris Services from $129.00 to $154.00, indicating a potential upside of 12.55% from its current price.
• Primoris Services reported $1.68 EPS for the last quarter, exceeding estimates of $1.10 EPS, with a revenue increase of 20.9% year-over-year.
• Six research analysts have rated the stock as a buy or higher, contributing to a consensus rating of "Moderate Buy" and a target price of $130.50.

Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target raised by KeyCorp from $129.00 to $154.00 in a report released on Monday,Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. KeyCorp's price objective points to a potential upside of 12.55% from the stock's current price.

PRIM has been the topic of several other reports. Glj Research assumed coverage on shares of Primoris Services in a research note on Monday, September 22nd. They set a "buy" rating and a $160.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Primoris Services from $128.00 to $160.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Roth Capital initiated coverage on shares of Primoris Services in a report on Thursday, October 9th. They set a "buy" rating and a $170.00 target price for the company. Zacks Research downgraded shares of Primoris Services from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 9th. Finally, Mizuho initiated coverage on shares of Primoris Services in a report on Thursday, September 4th. They set a "neutral" rating and a $112.00 target price for the company. One research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $130.50.

Primoris Services Trading Down 1.4%

Shares of NASDAQ:PRIM opened at $136.83 on Monday. Primoris Services has a 12 month low of $49.10 and a 12 month high of $142.84. 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 company's fifty day simple moving average is $124.66 and its 200 day simple moving average is $92.42. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 45.31 and a beta of 1.43.

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 firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the previous year, the firm posted $1.04 EPS. The company's revenue for the quarter was up 20.9% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, research analysts forecast that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Transactions at Primoris Services

In other news, COO Jeremy Kinch sold 3,006 shares of the company'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 completion of the sale, the chief operating officer owned 9,580 shares of the company's stock, valued at approximately $1,187,920. This represents a 23.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $114.01, for a total transaction of $2,280,200.00. Following the sale, the director directly owned 82,281 shares of the company's stock, valued at approximately $9,380,856.81. This trade represents a 19.55% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,941 shares of company stock valued at $3,004,821. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its stake in Primoris Services by 34.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock valued at $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Primoris Services in the 1st quarter valued at approximately $231,000. KBC Group NV increased 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 acquiring an additional 558 shares during the period. Jump Financial LLC increased its position in Primoris Services by 550.4% in the 1st quarter. Jump Financial LLC now owns 109,486 shares of the construction company's stock valued at $6,286,000 after acquiring an additional 92,652 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its position in Primoris Services by 358.6% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 69,481 shares of the construction company's stock valued at $3,989,000 after acquiring an additional 54,331 shares during the period. 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.

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