The Goldman Sachs Group Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Primoris Services (NASDAQ:PRIM) had its target price increased by analysts at The Goldman Sachs Group from $51.00 to $78.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. The Goldman Sachs Group’s price target indicates a potential downside of 1.63% from the company’s current price.

Several other analysts have also recently commented on the company. UBS Group raised their price target on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. started coverage on Primoris Services in a report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.25.

Primoris Services Trading Up 2.9 %

Shares of PRIM stock opened at $79.29 on Wednesday. The business’s 50 day moving average is $59.50 and its two-hundred day moving average is $54.48. Primoris Services has a twelve month low of $29.14 and a twelve month high of $80.09. The company has a market capitalization of $4.26 billion, a P/E ratio of 26.26 and a beta of 1.05. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $1.02 EPS. Equities analysts forecast that Primoris Services will post 3.33 EPS for the current year.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 56,391 shares of company stock valued at $3,227,734. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently bought and sold shares of PRIM. Nisa Investment Advisors LLC increased its position in Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. increased 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 worth $53,000 after buying an additional 197 shares in the last quarter. CWM LLC increased 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 worth $55,000 after buying an additional 220 shares in the last quarter. FSC Wealth Advisors LLC purchased a new position in Primoris Services during the second quarter worth $70,000. Finally, Canton Hathaway LLC purchased a new position in Primoris Services during the second quarter worth $100,000. 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.