Primoris Services (NASDAQ:PRIM) Coverage Initiated at Wells Fargo & Company

Analysts at Wells Fargo & Company assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set an “equal weight” rating and a $138.00 price target on the construction company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 17.61% from the stock’s previous close.

A number of other analysts have also issued reports on PRIM. Glj Research assumed coverage on shares of Primoris Services in a research report on Monday, September 22nd. They set a “buy” rating and a $160.00 target price on the stock. Guggenheim reaffirmed a “neutral” rating on shares of Primoris Services in a research report on Wednesday, October 15th. DA Davidson increased their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. JPMorgan Chase & Co. lifted their price target on Primoris Services from $141.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Finally, KeyCorp increased their price objective on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $142.54.

Primoris Services Price Performance

Shares of NASDAQ PRIM traded up $0.91 during trading on Friday, reaching $117.34. The company had a trading volume of 37,342 shares, compared to its average volume of 905,930. 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 twelve month low of $49.10 and a twelve month high of $146.16. The stock has a 50-day moving average price of $131.96 and a two-hundred day moving average price of $102.37. The stock has a market capitalization of $6.34 billion, a PE ratio of 38.82 and a beta of 1.45.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. As a group, sell-side analysts predict that Primoris Services will post 3.26 earnings per share for the current year.

Insider Buying and Selling

In other Primoris Services news, CEO David Lee King sold 3,500 shares of the firm’s stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the transaction, the chief executive officer directly owned 21,302 shares of the company’s stock, valued at $2,769,260. This trade represents a 14.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the completion of the sale, the director directly owned 4,495 shares of the company’s stock, valued at $562,908.85. The trade was a 75.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,932 shares of company stock valued at $2,869,099 in the last 90 days. 0.90% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

A number of hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. increased its stake in Primoris Services by 224.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after buying an additional 148 shares during the period. Brooklyn Investment Group increased its holdings in shares of Primoris Services by 3,626.7% in the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after acquiring an additional 544 shares during the last quarter. Osterweis Capital Management Inc. acquired a new stake in shares of Primoris Services during the 2nd quarter valued at approximately $34,000. Blue Bell Private Wealth Management LLC bought a new position in Primoris Services during the third quarter worth $37,000. Finally, Cullen Frost Bankers Inc. bought a new stake in Primoris Services during the third quarter valued at $37,000. Hedge funds and other 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.