KeyCorp Initiates Coverage on Primoris Services (NASDAQ:PRIM)

Equities researchers at KeyCorp started coverage on shares of Primoris Services (NASDAQ:PRIM) in a report released on Wednesday, Marketbeat reports. The firm set an “overweight” rating and a $96.00 price target on the construction company’s stock. KeyCorp’s price objective points to a potential upside of 20.48% from the company’s previous close. KeyCorp also issued estimates for Primoris Services’ Q4 2024 earnings at $0.74 EPS, FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

PRIM has been the topic of a number of other reports. The Goldman Sachs Group boosted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. Finally, DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $86.00.

Primoris Services Price Performance

PRIM stock opened at $79.68 on Wednesday. Primoris Services has a 1 year low of $30.94 and a 1 year high of $84.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $4.28 billion, a PE ratio of 26.38 and a beta of 1.12. The business has a 50 day simple moving average of $72.67 and a 200-day simple moving average of $60.15.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.20. The firm 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 15.23%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS. Equities research analysts anticipate that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares in the company, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,018 shares of company stock worth $3,336,224 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares in the last quarter. Summit Partners Public Asset Management LLC increased its position in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares in the last quarter. Yaupon Capital Management LP lifted its holdings in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Primoris Services in the 2nd quarter valued at about $28,089,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.