Primoris Services (NYSE:PRIM) Stock Price Breaks Above 50-Day Moving Average – Here’s What Happened

by · The Markets Daily

Primoris Services Corporation (NYSE:PRIM – Get Free Report)’s share price crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $75.39 and traded as high as $76.70. Primoris Services shares last traded at $75.6010, with a volume of 1,268,577 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $105.00 price target on shares of Primoris Services in a research note on Tuesday, September 29th. UBS Group restated a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $99.00 price objective on shares of Primoris Services in a report on Thursday, October 8th. Piper Sandler assumed coverage on shares of Primoris Services in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 target price for the company. Finally, Weiss Ratings lowered shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.47.

View Our Latest Stock Report on Primoris Services

Primoris Services Price Performance

The business has a 50-day simple moving average of $75.26 and a two-hundred day simple moving average of $113.21. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 28.52 and a beta of 1.44.

Primoris Services (NYSE:PRIM – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.08. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same period last year, the firm earned $1.68 EPS. As a group, research analysts predict that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds and other institutional investors have recently modified their holdings of PRIM. Bank of America Corp DE acquired a new stake in shares of Primoris Services during the 2nd quarter valued at about $17,268,000. Royal Bank of Canada grew its stake in shares of Primoris Services by 79.7% in the 1st quarter. Royal Bank of Canada now owns 55,614 shares of the company’s stock valued at $7,955,000 after buying an additional 24,672 shares in the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in Primoris Services in the second quarter worth approximately $2,514,000. Raiffeisen Bank International AG increased its holdings in Primoris Services by 904.8% in the second quarter. Raiffeisen Bank International AG now owns 198,000 shares of the company’s stock worth $19,254,000 after buying an additional 178,294 shares during the last quarter. Finally, CI Investments Inc. bought a new position in Primoris Services during the first quarter valued at approximately $5,816,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

About Primoris Services

(Get Free Report)

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.

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