Primoris Services (NYSE:PRIM) Earns Neutral Rating from Cantor Fitzgerald

Primoris Services (NYSE:PRIM)‘s stock had its “neutral” rating reiterated by equities research analysts at Cantor Fitzgerald in a report released on Tuesday, Marketbeat reports. They currently have a $105.00 target price on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 37.74% from the stock’s current price.

PRIM has been the topic of several other research reports. Wall Street Zen lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. UBS Group reiterated a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Wells Fargo & Company lowered their price target on Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 23rd. KeyCorp reiterated a “sector weight” rating on shares of Primoris Services in a report on Tuesday, June 23rd. Finally, Mizuho cut their price target on Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a report on Tuesday, June 23rd. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Primoris Services currently has an average rating of “Moderate Buy” and an average target price of $127.60.

Primoris Services Price Performance

PRIM stock opened at $76.23 on Tuesday. The firm has a 50-day moving average of $77.79 and a two-hundred day moving average of $107.04. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $4.10 billion, a PE ratio of 30.66 and a beta of 1.44. Primoris Services has a one year low of $65.00 and a one year high of $205.50.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.08. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 earnings per share. On average, analysts forecast that Primoris Services will post 1.77 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Primoris Services during the 2nd quarter worth about $677,685,000. Wellington Management Group LLP raised its holdings in Primoris Services by 148.7% during the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after purchasing an additional 2,795,887 shares during the last quarter. First Trust Advisors LP raised its holdings in Primoris Services by 47.4% during the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after purchasing an additional 928,155 shares during the last quarter. Geode Capital Management LLC raised its holdings 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 purchasing an additional 42,052 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in Primoris Services by 0.5% during the 4th quarter. Westfield Capital Management Co. LP now owns 952,196 shares of the company’s stock worth $118,206,000 after purchasing an additional 4,888 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.