Primoris Services Corporation (NASDAQ:PRIM)‘s stock had its “buy” rating reissued by investment analysts at Seaport Global Securities in a report released on Wednesday. They currently have a $32.00 price objective on the construction company’s stock. Seaport Global Securities’ price target indicates a potential upside of 10.15% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Saturday, July 15th. BidaskClub upgraded shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. KeyCorp restated a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Finally, Canaccord Genuity raised their price target on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Primoris Services Corporation has a consensus rating of “Hold” and an average target price of $28.00.

Primoris Services Corporation (NASDAQ PRIM) traded up 0.07% during mid-day trading on Wednesday, hitting $29.05. The company had a trading volume of 191,960 shares. Primoris Services Corporation has a 12-month low of $18.71 and a 12-month high of $30.00. The firm has a market capitalization of $1.49 billion, a PE ratio of 31.61 and a beta of 1.55. The company’s 50 day moving average price is $28.54 and its 200-day moving average price is $25.27.

Primoris Services Corporation (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The firm had revenue of $631.20 million during the quarter, compared to analyst estimates of $582.82 million. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter last year, the business posted $0.10 EPS. On average, analysts forecast that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.

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In related news, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian Pratt sold 105,734 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total transaction of $2,981,698.80. Following the completion of the transaction, the director now directly owns 9,646,585 shares of the company’s stock, valued at $272,033,697. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,548,356 shares of company stock valued at $43,921,202. 24.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio boosted its holdings in Primoris Services Corporation by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after buying an additional 320 shares during the period. Victory Capital Management Inc. boosted its holdings in Primoris Services Corporation by 13.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after buying an additional 595 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in Primoris Services Corporation by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after buying an additional 4,721 shares during the period. Citigroup Inc. boosted its holdings in Primoris Services Corporation by 356.6% in the 2nd quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock worth $161,000 after buying an additional 5,049 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Primoris Services Corporation by 2,368.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock worth $184,000 after buying an additional 7,104 shares during the period. 69.72% of the stock is owned by institutional investors.

Primoris Services Corporation Company Profile

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)

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