Guggenheim Begins Coverage on Primoris Services (NASDAQ:PRIM)

Research analysts at Guggenheim began coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $102.00 price target on the construction company’s stock. Guggenheim’s target price would suggest a potential upside of 29.67% from the company’s previous close.

PRIM has been the subject of a number of other research reports. UBS Group raised their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. The Goldman Sachs Group increased their target price on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $88.67.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $78.66 on Wednesday. The stock has a 50-day moving average price of $79.27 and a 200 day moving average price of $63.54. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 12-month low of $31.22 and a 12-month high of $84.97. The stock has a market capitalization of $4.23 billion, a P/E ratio of 26.05 and a beta of 1.14.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business posted $1.02 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts forecast that Primoris Services will post 3.47 EPS for the current fiscal year.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares in the company, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,018 shares of company stock worth $1,854,974. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in Primoris Services by 19.0% in the 2nd quarter. Principal Financial Group Inc. now owns 34,910 shares of the construction company’s stock worth $1,742,000 after acquiring an additional 5,578 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Primoris Services by 837.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock worth $18,285,000 after purchasing an additional 327,412 shares during the period. Arizona State Retirement System raised its position in Primoris Services by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 14,959 shares of the construction company’s stock valued at $746,000 after purchasing an additional 294 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Primoris Services in the 2nd quarter worth $206,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Primoris Services during the 2nd quarter worth $1,708,000. 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.