The Goldman Sachs Group Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Primoris Services (NASDAQ:PRIM) had its price target hoisted by research analysts at The Goldman Sachs Group from $117.00 to $133.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the construction company’s stock. The Goldman Sachs Group’s target price points to a potential downside of 12.78% from the stock’s current price.

Several other brokerages have also recently issued reports on PRIM. Wells Fargo & Company started coverage on Primoris Services in a research report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price on the stock. Mizuho set a $129.00 target price on shares of Primoris Services in a research report on Tuesday, October 28th. DA Davidson upped their target price on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Guggenheim upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Tuesday, January 13th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Stock Up 2.3%

PRIM opened at $152.49 on Wednesday. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 50.49 and a beta of 1.36. The firm has a 50 day moving average price of $132.84 and a 200-day moving average price of $124.26. Primoris Services has a twelve month low of $49.10 and a twelve month high of $155.19. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

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

Insiders Place Their Bets

In other Primoris Services news, CEO David Lee King sold 3,500 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $130.00, for a total transaction of $455,000.00. Following the completion of the sale, the chief executive officer directly owned 21,302 shares of the company’s stock, valued at $2,769,260. This trade represents a 14.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 26,888 shares of company stock valued at $3,488,679 in the last ninety days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its stake in Primoris Services by 34.5% in the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after purchasing an additional 194 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock valued at $28,337,000 after buying an additional 33,934 shares during the last quarter. Caxton Associates LLP acquired a new stake in Primoris Services in the first quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Primoris Services by 25.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock worth $9,650,000 after acquiring an additional 33,818 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Primoris Services during the second quarter valued at about $368,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.