JPMorgan Chase & Co. Reiterates Neutral Rating for Primoris Services (NASDAQ:PRIM)

Primoris Services (NASDAQ:PRIM)‘s stock had its “neutral” rating reaffirmed by research analysts at JPMorgan Chase & Co. in a research note issued on Monday, MarketBeat Ratings reports. They presently have a $143.00 price target on the construction company’s stock, down from their previous price target of $145.00. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 8.45% from the company’s current price.

Several other analysts have also commented on the company. Glj Research started coverage on Primoris Services in a report on Monday, September 22nd. They issued a “buy” rating and a $160.00 price objective for the company. The Goldman Sachs Group assumed coverage on shares of Primoris Services in a report on Monday, November 24th. They issued a “sell” rating and a $117.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Primoris Services in a report on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price for the company. DA Davidson increased their price target on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Mizuho set a $129.00 price objective on shares of Primoris Services in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $140.57.

Primoris Services Stock Performance

Shares of Primoris Services stock opened at $131.85 on Monday. The firm’s 50-day moving average is $131.31 and its 200 day moving average is $109.73. Primoris Services has a 1 year low of $49.10 and a 1 year high of $146.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 43.66 and a beta of 1.37.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business earned $1.22 EPS. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. Primoris Services has set its FY 2025 guidance at 5.350-5.550 EPS. Sell-side analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $124.00, for a total value of $372,744.00. Following the completion of the transaction, the chief operating officer directly owned 9,580 shares of the company’s stock, valued at approximately $1,187,920. This trade represents a 23.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 25,014 shares of company stock worth $3,150,461 in the last three months. 0.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently modified their holdings of the stock. Uncommon Cents Investing LLC boosted its position in shares of Primoris Services by 2.1% during the third quarter. Uncommon Cents Investing LLC now owns 3,900 shares of the construction company’s stock worth $536,000 after acquiring an additional 80 shares during the last quarter. Assetmark Inc. lifted its stake in Primoris Services by 9.7% in the 3rd quarter. Assetmark Inc. now owns 953 shares of the construction company’s stock worth $131,000 after purchasing an additional 84 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Primoris Services by 5.5% during the 3rd quarter. NewEdge Advisors LLC now owns 2,071 shares of the construction company’s stock valued at $284,000 after purchasing an additional 108 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Primoris Services by 2.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company’s stock valued at $431,000 after purchasing an additional 121 shares during the last quarter. Finally, Oliver Luxxe Assets LLC increased its holdings in shares of Primoris Services by 0.4% in the third quarter. Oliver Luxxe Assets LLC now owns 32,308 shares of the construction company’s stock worth $4,437,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.