Primoris Services Corporation (PRIM) PT Raised to $30.00 at Canaccord Genuity
Primoris Services Corporation (NASDAQ:PRIM) had its price objective upped by Canaccord Genuity from $28.00 to $30.00 in a research note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the construction company’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 15.87% from the company’s previous close.
A number of other research analysts have also recently weighed in on PRIM. BidaskClub cut shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Zacks Investment Research raised shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a report on Saturday, July 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $26.40.
Shares of Primoris Services Corporation (NASDAQ:PRIM) traded up 0.42% during midday trading on Wednesday, reaching $26.00. The company’s stock had a trading volume of 187,846 shares. The stock has a 50-day moving average of $24.80 and a 200 day moving average of $24.06. The firm has a market capitalization of $1.34 billion, a P/E ratio of 42.62 and a beta of 1.58. Primoris Services Corporation has a 12-month low of $16.69 and a 12-month high of $29.19.
Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.11. Primoris Services Corporation had a net margin of 1.49% and a return on equity of 8.15%. The company had revenue of $631.20 million during the quarter, compared to analysts’ expectations of $582.82 million. During the same quarter in the previous year, the company earned $0.10 earnings per share. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. Equities research analysts predict that Primoris Services Corporation will post $1.14 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in PRIM. Vanguard Group Inc. boosted its stake in Primoris Services Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after buying an additional 116,098 shares in the last quarter. Wellington Management Group LLP boosted its stake in Primoris Services Corporation by 1.0% in the first quarter. Wellington Management Group LLP now owns 2,670,443 shares of the construction company’s stock worth $62,008,000 after buying an additional 25,630 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in Primoris Services Corporation by 16.0% in the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after buying an additional 327,189 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Primoris Services Corporation by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,120,930 shares of the construction company’s stock worth $49,247,000 after buying an additional 95,295 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its stake in Primoris Services Corporation by 1.8% in the first quarter. Macquarie Group Ltd. now owns 1,852,926 shares of the construction company’s stock worth $43,025,000 after buying an additional 31,947 shares in the last quarter. 70.82% of the stock is owned by institutional investors and hedge funds.
About Primoris Services Corporation
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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