Wells Fargo & Company Begins Coverage on Primoris Services (NASDAQ:PRIM)

Wells Fargo & Company initiated coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note issued to investors on Friday, MarketBeat.com reports. The firm set an “equal weight” rating and a $138.00 price target on the construction company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 16.68% from the company’s current price.

PRIM has been the topic of several other research reports. Mizuho set a $129.00 price objective on Primoris Services in a research report on Tuesday, October 28th. Zacks Research cut Primoris Services from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 9th. Glj Research began coverage on shares of Primoris Services in a report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price target on the stock. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $141.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Primoris Services has a consensus rating of “Moderate Buy” and an average target price of $142.54.

Primoris Services Trading Up 1.6%

NASDAQ:PRIM opened at $118.27 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $6.39 billion, a price-to-earnings ratio of 39.16 and a beta of 1.45. Primoris Services has a 52 week low of $49.10 and a 52 week high of $146.16. The firm has a 50-day moving average price of $131.99 and a two-hundred day moving average price of $103.06.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The company’s revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.22 EPS. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. On average, equities analysts expect that Primoris Services will post 3.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Primoris Services

In other news, Director Michael E. Ching sold 2,935 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $119.89, for a total value of $351,877.15. Following the sale, the director owned 9,534 shares of the company’s stock, valued at $1,143,031.26. The trade was a 23.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Lee King sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the sale, the chief executive officer owned 21,302 shares in the company, valued at $2,769,260. The trade was a 14.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 22,932 shares of company stock worth $2,869,099 over the last three months. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Large investors have recently made changes to their positions in the stock. Schonfeld Strategic Advisors LLC bought a new stake in shares of Primoris Services during the 3rd quarter valued at $1,930,000. Creative Planning boosted its stake in Primoris Services by 55.0% in the 3rd quarter. Creative Planning now owns 26,974 shares of the construction company’s stock worth $3,704,000 after purchasing an additional 9,571 shares during the period. Lazard Asset Management LLC grew its holdings in Primoris Services by 56.7% during the 3rd quarter. Lazard Asset Management LLC now owns 535,818 shares of the construction company’s stock valued at $73,584,000 after buying an additional 193,781 shares in the last quarter. Zacks Investment Management bought a new stake in shares of Primoris Services during the third quarter valued at about $4,134,000. Finally, Raymond James Financial Inc. increased its position in shares of Primoris Services by 42.4% during the third quarter. Raymond James Financial Inc. now owns 339,694 shares of the construction company’s stock valued at $46,650,000 after buying an additional 101,177 shares during the period. 91.82% of the stock is owned by 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.