Primoris Services (NYSE:PRIM) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company

Primoris Services (NYSE:PRIM) had its price target lowered by Wells Fargo & Company from $85.00 to $64.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 0.15% from the company’s previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC cut their price objective on shares of Primoris Services from $172.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Guggenheim decreased their target price on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Primoris Services in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $105.00 price target on shares of Primoris Services in a report on Tuesday, September 29th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and a consensus target price of $116.20.

Primoris Services Stock Performance

NYSE PRIM traded up $4.54 during trading hours on Friday, hitting $64.10. The company had a trading volume of 239,469 shares, compared to its average volume of 1,422,502. The company has a quick ratio of 1.18, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. The firm has a market cap of $3.45 billion, a P/E ratio of 36.32 and a beta of 1.44. Primoris Services has a fifty-two week low of $57.72 and a fifty-two week high of $205.50. The business has a fifty day simple moving average of $74.78 and a 200-day simple moving average of $111.75.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.39. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2 billion. Primoris Services had a net margin of 1.36% and a return on equity of 7.72%. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 earnings per share. Equities analysts predict that Primoris Services will post 1.77 EPS for the current year.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently modified their holdings of PRIM. Keebeck Wealth Management grew its position in Primoris Services by 3.5% in the 1st quarter. Keebeck Wealth Management now owns 3,710 shares of the company’s stock valued at $531,000 after buying an additional 125 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in Primoris Services by 6.2% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,968 shares of the company’s stock valued at $221,000 after buying an additional 173 shares during the period. Uncommon Cents Investing Inc raised its position in shares of Primoris Services by 4.6% during the 3rd quarter. Uncommon Cents Investing Inc now owns 3,985 shares of the company’s stock worth $297,000 after buying an additional 175 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of Primoris Services by 107.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 377 shares of the company’s stock worth $28,000 after buying an additional 195 shares in the last quarter. Finally, Lido Advisors LLC raised its position in shares of Primoris Services by 3.6% during the 3rd quarter. Lido Advisors LLC now owns 6,244 shares of the company’s stock worth $465,000 after buying an additional 215 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.