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.

WARNING: This news story was originally published by Daily Political and is owned by of Daily Political. If you are viewing this news story on another publication, it was illegally copied and republished in violation of U.S. & international copyright and trademark law. The original version of this news story can be read at https://www.dailypolitical.com/2017/08/09/primoris-services-corporation-prim-pt-raised-to-30-00-at-canaccord-genuity.html.

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

Receive News & Ratings for Primoris Services Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corporation and related companies with MarketBeat.com's FREE daily email newsletter.