The Goldman Sachs Group Increases Primoris Services (NASDAQ:PRIM) Price Target to $78.00

Primoris Services (NASDAQ:PRIM) had its price target boosted by equities research analysts at The Goldman Sachs Group from $51.00 to $78.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 2.96% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. UBS Group increased their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.75.

Primoris Services Trading Up 2.6 %

Primoris Services stock traded up $1.91 during trading hours on Wednesday, reaching $75.76. 1,134,697 shares of the company’s stock were exchanged, compared to its average volume of 569,604. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The firm’s 50 day simple moving average is $58.58 and its 200 day simple moving average is $54.14. Primoris Services has a twelve month low of $29.14 and a twelve month high of $78.26. The firm has a market capitalization of $4.07 billion, a PE ratio of 25.09 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. Research analysts predict that Primoris Services will post 3.33 earnings per share for the current year.

Insider Activity at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the sale, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,391 shares of company stock worth $3,075,454 over the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its stake in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. lifted its position in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the last quarter. CWM LLC lifted its position in Primoris Services by 25.1% during the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new position in Primoris Services during the second quarter valued at $70,000. Finally, Canton Hathaway LLC bought a new position in Primoris Services during the second quarter valued at $100,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.