Primoris Services (NASDAQ:PRIM) Price Target Raised to $110.00

Key Points

• UBS Group has raised the price target for Primoris Services from $100.00 to $110.00, indicating a potential upside of 6.43% based on the stock's current price.
• The construction company recently reported an earnings per share (EPS) of $1.68, surpassing the consensus estimate of $1.10, and demonstrated a year-over-year revenue increase of 20.9%.
• Currently, 91.82% of Primoris Services' stock is held by institutional investors and hedge funds, reflecting strong institutional confidence in the company.

Primoris Services (NASDAQ:PRIM - Free Report) had its price objective hoisted by UBS Group from $100.00 to $110.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the construction company's stock.

Several other analysts have also recently weighed in on the company. Guggenheim restated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. Janney Montgomery Scott began coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Piper Sandler boosted their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, KeyCorp upped their target price on Primoris Services from $79.00 to $98.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $99.44.

Primoris Services Trading Up 0.0%

Primoris Services stock traded up $0.05 during trading hours on Tuesday, reaching $111.17. 763,366 shares of the company's stock traded hands, compared to its average volume of 937,302. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a fifty-two week low of $48.33 and a fifty-two week high of $113.47. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 36.81 and a beta of 1.44. The firm's 50 day moving average is $84.32 and its 200-day moving average is $73.05.

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 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 company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period last year, the business earned $1.04 EPS. The business's quarterly revenue was up 20.9% on a year-over-year basis. On average, analysts predict that Primoris Services will post 3.26 earnings per share for the current year.

Primoris Services Dividend Announcement

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

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares of the company's stock, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently added to or reduced their stakes in PRIM. Allspring Global Investments Holdings LLC increased its position in Primoris Services by 34.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company's stock worth $799,000 after buying an additional 3,561 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Primoris Services during the 1st quarter worth approximately $231,000. SG Americas Securities LLC bought a new stake in shares of Primoris Services during the 1st quarter worth approximately $1,070,000. KBC Group NV lifted its stake in shares of Primoris Services by 24.5% during the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company's stock worth $163,000 after acquiring an additional 558 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Primoris Services by 74.3% during the 4th quarter. Hsbc Holdings PLC now owns 45,822 shares of the construction company's stock worth $3,514,000 after purchasing an additional 19,530 shares during the period. 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.