UBS Group Boosts Primoris Services (NASDAQ:PRIM) Price Target to $100.00

Primoris Services (NASDAQ:PRIM) had its target price raised by UBS Group from $75.00 to $100.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. UBS Group’s target price would indicate a potential upside of 28.09% from the company’s current price.

A number of other brokerages also recently issued reports on PRIM. The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 target price on the stock. Finally, DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $83.50.

Primoris Services Price Performance

Shares of PRIM opened at $78.07 on Thursday. Primoris Services has a twelve month low of $29.14 and a twelve month high of $83.40. The company has a market capitalization of $4.19 billion, a P/E ratio of 25.85 and a beta of 1.05. The firm has a 50 day moving average of $62.82 and a 200 day moving average of $55.91. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts anticipate that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,409 shares of company stock valued at $4,762,468. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently modified their holdings of PRIM. Blue Trust Inc. lifted its stake in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC boosted its stake in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after acquiring an additional 220 shares during the period. Arizona State Retirement System grew its position in shares of Primoris Services by 2.0% during the second quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock worth $746,000 after purchasing an additional 294 shares in the last quarter. KBC Group NV raised its stake in Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares during the period. Finally, EntryPoint Capital LLC raised its stake in Primoris Services by 16.2% during the 1st quarter. EntryPoint Capital LLC now owns 3,677 shares of the construction company’s stock valued at $157,000 after purchasing an additional 513 shares during the period. 91.82% of the stock is currently 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.