Primoris Services (NYSE:PRIM) Stock Rating Reaffirmed as “Neutral” by Cantor Fitzgerald

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

Several other equities research analysts also recently issued reports on PRIM. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a research note on Monday, August 24th. KeyCorp reiterated a “sector weight” rating on shares of Primoris Services in a report on Tuesday, June 23rd. Weiss Ratings lowered Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Mizuho reduced their price objective on Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Finally, Piper Sandler assumed coverage on Primoris Services in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 target price for the company. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $127.60.

Primoris Services Stock Down 2.1%

PRIM opened at $71.11 on Tuesday. Primoris Services has a 12 month low of $65.00 and a 12 month high of $205.50. The business has a 50-day moving average of $78.79 and a two-hundred day moving average of $108.71. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $3.83 billion, a price-to-earnings ratio of 27.89 and a beta of 1.43.

Primoris Services (NYSE:PRIM) last released its earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the company earned $1.68 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. On average, research analysts expect that Primoris Services will post 1.78 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Primoris Services during the 2nd quarter valued at approximately $677,685,000. Wellington Management Group LLP boosted its holdings in Primoris Services by 148.7% in the second 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 period. First Trust Advisors LP increased its stake in 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 purchasing an additional 928,155 shares during the last quarter. Geode Capital Management LLC increased its stake in Primoris Services by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 1,325,103 shares of the company’s stock valued at $164,526,000 after purchasing an additional 42,052 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Primoris Services by 0.5% during the fourth 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 period. Institutional investors and hedge funds own 91.82% of the company’s stock.

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.