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

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price increased by investment analysts at UBS Group from $75.00 to $100.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. UBS Group's price target would suggest a potential upside of 26.73% from the company's current price.

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

Primoris Services Stock Down 0.4 %

NASDAQ:PRIM traded down $0.29 during mid-day trading on Thursday, hitting $78.91. The company had a trading volume of 542,386 shares, compared to its average volume of 584,106. Primoris Services has a 1 year low of $29.14 and a 1 year high of $83.40. The business has a fifty day simple moving average of $62.23 and a 200-day simple moving average of $55.69. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 26.13 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the business posted $1.02 EPS. The firm's revenue was up 7.8% compared to the same quarter last year. Equities analysts forecast that Primoris Services will post 3.45 earnings per share for the current fiscal year.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now owns 25,818 shares of the company's stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the business's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the completion of the sale, the director now directly owns 162,281 shares in the company, valued at approximately $8,771,288.05. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,391 shares of company stock worth $3,227,734. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company's stock worth $42,000 after acquiring an additional 584 shares in the last quarter. Blue Trust Inc. boosted its position in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after buying an additional 197 shares in the last quarter. CWM LLC raised its position in Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company's stock worth $55,000 after purchasing an additional 220 shares during the last quarter. FSC Wealth Advisors LLC bought a new stake in shares of Primoris Services during the 2nd quarter valued at about $70,000. Finally, Canton Hathaway LLC acquired a new position in shares of Primoris Services during the second quarter worth approximately $100,000. 91.82% of the stock is owned by institutional investors and hedge funds.

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.