Zacks Research Downgrades Primoris Services (NYSE:PRIM) to Strong Sell

Primoris Services (NYSE:PRIM) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently issued reports on PRIM. Needham & Company LLC dropped their price objective on Primoris Services from $205.00 to $188.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Cantor Fitzgerald set a $160.00 target price on shares of Primoris Services and gave the company a “neutral” rating in a research report on Tuesday, February 24th. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research note on Wednesday, January 28th. Wells Fargo & Company lowered their target price on Primoris Services from $168.00 to $118.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Finally, Mizuho raised Primoris Services from a “neutral” rating to an “outperform” rating and reduced their price target for the stock from $175.00 to $135.00 in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $158.60.

Primoris Services Price Performance

PRIM opened at $112.52 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.24. The business has a fifty day moving average of $147.44 and a 200 day moving average of $141.43. Primoris Services has a 52-week low of $68.52 and a 52-week high of $205.50. The stock has a market cap of $6.11 billion, a P/E ratio of 24.78 and a beta of 1.50.

Primoris Services (NYSE:PRIM) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.28). The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.98 earnings per share. Primoris Services has set its FY 2026 guidance at 4.800-5.000 EPS. As a group, sell-side analysts anticipate that Primoris Services will post 4.49 EPS for the current year.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its position in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after buying an additional 194 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Primoris Services by 7.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock valued at $28,337,000 after acquiring an additional 33,934 shares in the last quarter. Caxton Associates LLP acquired a new position in Primoris Services in the 1st quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Primoris Services by 25.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock valued at $9,650,000 after purchasing an additional 33,818 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Primoris Services during the second quarter worth about $274,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.