Primoris Services (NYSE:PRIM) Earns "Sector Weight" Rating from KeyCorp

Key Points

• KeyCorp reiterated a “sector weight” rating on Primoris Services, while the broader analyst view remains Moderate Buy with a consensus target price of $153.93.
• The stock was up 6.8% in trading, opening at $108.22, though it remains below both its 50-day and 200-day moving averages.
• Primoris reported Q1 earnings and revenue below expectations ($0.59 EPS vs. $0.87 expected; $1.56 billion revenue vs. $1.73 billion expected) and also saw insider selling, including notable share sales by an executive and a director.

Primoris Services (NYSE:PRIM - Get Free Report)'s stock had its "sector weight" rating reissued by research analysts at KeyCorp in a report issued on Tuesday,Benzinga reports.

PRIM has been the topic of several other research reports. UBS Group decreased their price target on Primoris Services from $212.00 to $186.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Guggenheim lifted their price objective on shares of Primoris Services from $184.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Weiss Ratings cut shares of Primoris Services from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, May 28th. DA Davidson set a $180.00 target price on shares of Primoris Services in a research note on Wednesday, February 25th. Finally, Zacks Research cut shares of Primoris Services from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $153.93.

Primoris Services Trading Up 6.8%

PRIM opened at $108.22 on Tuesday. The stock has a 50-day moving average of $130.63 and a 200 day moving average of $138.43. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a 12 month low of $73.89 and a 12 month high of $205.50. The firm has a market cap of $5.87 billion, a P/E ratio of 23.84 and a beta of 1.37.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.28). The company had revenue of $1.56 billion for the quarter, compared to analysts' expectations of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, research analysts forecast that Primoris Services will post 4.55 EPS for the current year.

Insider Buying and Selling at Primoris Services

In other news, insider John M. Perisich sold 29,707 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $127.86, for a total transaction of $3,798,337.02. Following the completion of the sale, the insider directly owned 27,574 shares of the company's stock, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Lee King sold 20,000 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the transaction, the director directly owned 14,941 shares in the company, valued at $1,779,323.69. This represents a 57.24% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Primoris Services by 7.8% during the fourth quarter. Vanguard Group Inc. now owns 6,479,466 shares of the company's stock worth $804,361,000 after buying an additional 466,192 shares during the period. First Trust Advisors LP increased its position in shares of Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock valued at $412,837,000 after acquiring an additional 928,155 shares during the period. State Street Corp raised its stake in Primoris Services by 56.8% in the 4th quarter. State Street Corp now owns 2,011,488 shares of the company's stock worth $249,866,000 after acquiring an additional 728,646 shares during the last quarter. Wellington Management Group LLP raised its stake in Primoris Services by 163.0% in the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the company's stock worth $216,774,000 after acquiring an additional 1,082,218 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Primoris Services by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company's stock worth $164,526,000 after acquiring an additional 42,052 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.

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