Piper Sandler Issues Pessimistic Forecast for Primoris Services (NYSE:PRIM) Stock Price

Primoris Services (NYSE:PRIM) had its price objective dropped by equities research analysts at Piper Sandler from $90.00 to $80.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler‘s target price would indicate a potential upside of 22.22% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. UBS Group reiterated a “neutral” rating on shares of Primoris Services in a research report on Monday, August 10th. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $99.00 price objective on shares of Primoris Services in a research note on Thursday, October 8th. Guggenheim reduced their price objective on Primoris Services from $162.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Primoris Services in a report on Tuesday, November 3rd. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and a consensus target price of $115.53.

Primoris Services Stock Performance

NYSE:PRIM opened at $65.46 on Monday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. Primoris Services has a fifty-two week low of $57.72 and a fifty-two week high of $205.50. The stock has a market cap of $3.44 billion, a PE ratio of 36.98 and a beta of 1.44. The firm’s fifty day simple moving average is $74.55 and its 200-day simple moving average is $111.35.

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

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of PRIM. Russell Investments Group Ltd. raised its position in shares of Primoris Services by 238.1% in the third quarter. Russell Investments Group Ltd. now owns 174,054 shares of the company’s stock valued at $12,971,000 after buying an additional 122,576 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Primoris Services by 62.5% during the third quarter. Fifth Third Bancorp now owns 70,476 shares of the company’s stock valued at $5,252,000 after buying an additional 27,107 shares during the period. King Luther Capital Management Corp boosted its position in Primoris Services by 11.3% during the third quarter. King Luther Capital Management Corp now owns 26,012 shares of the company’s stock worth $1,938,000 after acquiring an additional 2,638 shares during the last quarter. Maryland State Retirement & Pension System boosted its position in Primoris Services by 36.2% during the third quarter. Maryland State Retirement & Pension System now owns 15,256 shares of the company’s stock worth $1,137,000 after acquiring an additional 4,051 shares during the last quarter. Finally, Lido Advisors LLC boosted its position in Primoris Services by 3.6% during the third quarter. Lido Advisors LLC now owns 6,244 shares of the company’s stock worth $465,000 after acquiring an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors.

The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance.

Primoris serves customers primarily in the United States and Canada.