UBS Group Boosts Primoris Services (NASDAQ:PRIM) Price Target to $100.00

Primoris Services (NASDAQ:PRIM) had its price target boosted by analysts at UBS Group from $75.00 to $100.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. UBS Group’s target price would suggest a potential upside of 28.09% from the company’s previous close.

A number of other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $83.50.

Primoris Services Trading Down 1.1 %

Shares of Primoris Services stock opened at $78.07 on Thursday. Primoris Services has a twelve month low of $29.14 and a twelve month high of $83.40. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $62.82 and a 200-day moving average price of $55.91. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Equities research analysts anticipate that Primoris Services will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. The trade was a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,409 shares of company stock valued at $4,762,468 in the last ninety days. 1.40% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. bought a new stake in Primoris Services during the 1st quarter valued at $204,000. SG Americas Securities LLC purchased a new position in Primoris Services in the first quarter valued at about $255,000. ProShare Advisors LLC grew its stake in Primoris Services by 8.5% in the first quarter. ProShare Advisors LLC now owns 9,546 shares of the construction company’s stock valued at $406,000 after purchasing an additional 751 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Primoris Services by 26.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 19,099 shares of the construction company’s stock worth $813,000 after purchasing an additional 3,940 shares in the last quarter. Finally, PAX Financial Group LLC purchased a new stake in shares of Primoris Services during the first quarter valued at about $757,000. 91.82% of the stock is currently owned by institutional investors.

About Primoris Services

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.