Primoris Services (NYSE:PRIM) Given Neutral Rating at Cantor Fitzgerald

Primoris Services (NYSE:PRIM)‘s stock had its “neutral” rating reaffirmed by research analysts at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They currently have a $105.00 price target on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 47.65% from the stock’s previous close.

A number of other research analysts have also weighed in on PRIM. Weiss Ratings lowered Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 6th. The Goldman Sachs Group raised Primoris Services from a “sell” rating to a “neutral” rating and reduced their target price for the company from $107.00 to $102.00 in a report on Thursday, June 25th. Piper Sandler started coverage on Primoris Services in a report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 target price for the company. Wolfe Research reaffirmed an “outperform” rating and set a $149.00 target price on shares of Primoris Services in a report on Monday, June 15th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Primoris Services Trading Down 2.1%

Shares of PRIM opened at $71.11 on Tuesday. The business has a 50-day moving average of $78.79 and a 200 day moving average of $108.71. Primoris Services has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. The firm has a market cap of $3.83 billion, a P/E ratio of 27.89 and a beta of 1.43. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm posted $1.68 EPS. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, research analysts forecast that Primoris Services will post 1.78 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRIM. BlackRock Inc. bought a new position in shares of Primoris Services during the second quarter valued at approximately $677,685,000. Wellington Management Group LLP raised its holdings in shares of Primoris Services by 148.7% during the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock valued at $463,434,000 after acquiring an additional 2,795,887 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock valued at $412,837,000 after acquiring an additional 928,155 shares in the last quarter. Norges Bank bought a new position in shares of Primoris Services during the fourth quarter valued at approximately $103,368,000. Finally, Grandeur Peak Global Advisors LLC bought a new position in shares of Primoris Services during the second quarter valued at approximately $3,482,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.