Mizuho Begins Coverage of Primoris Services with Neutral Rating

Research analysts from Mizuho have initiated coverage on shares of Primoris Services (NASDAQ:PRIM), issuing a report on Thursday that assigns a “neutral” rating along with a price target of $112.00. This target suggests a potential downside of approximately 4.09% from the company’s last closing price.

Mizuho’s evaluation follows a series of other ratings updates from various financial institutions. On July 22, JPMorgan Chase & Co. raised its target price for Primoris Services from $90.00 to $102.00, designating the stock as “overweight.” Similarly, on August 6, DA Davidson increased its target from $85.00 to $125.00, also giving it a “buy” rating. Additionally, UBS Group adjusted its price target from $100.00 to $110.00, while KeyCorp raised its target from $119.00 to $129.00 on the same day. Piper Sandler increased its target from $75.00 to $76.00 on May 7.

Currently, eight analysts have rated Primoris Services with a “buy” rating, while two have assigned a “hold” rating. According to data from MarketBeat.com, the consensus rating for the company stands at “Moderate Buy,” with an average price target of $103.70.

Latest Earnings Results and Future Guidance

Primoris Services reported its latest earnings on August 4, revealing earnings per share of $1.68 for the quarter. This figure surpassed analysts’ expectations of $1.10 by $0.58. The company’s net margin was recorded at 2.68%, with a return on equity of 15.23%. Revenue for the quarter amounted to $1.89 billion, exceeding the anticipated $1.69 billion. This revenue reflects a year-over-year increase of 20.9%. For the fiscal year 2025, Primoris has set an earnings guidance of between $4.90 and $5.10 per share. Analysts predict an earnings per share of $3.26 for the current fiscal year.

Insider Transactions and Institutional Investment

In related news, John P. Schauerman, a director at Primoris Services, sold 20,000 shares on August 12 at an average price of $114.01, totaling $2,280,200.00. Following this transaction, Schauerman retains 82,281 shares valued at approximately $9,380,856.81, marking a 19.55% reduction in his ownership stake. This sale was documented in a legal filing with the Securities and Exchange Commission.

Institutional investors have also been active in adjusting their positions in Primoris Services. Notably, Versant Capital Management Inc. increased its stake by 294.1% in the first quarter, now holding 465 shares valued at $27,000. Brooklyn Investment Group raised its stake by a remarkable 3,626.7% during the same period, now owning 559 shares valued at $32,000. Other institutional adjustments include Osterweis Capital Management Inc. purchasing a new stake valued at $34,000, and Public Employees Retirement System of Ohio increasing its stake by 85.4% to 484 shares valued at $38,000. Overall, institutional investors hold a significant 91.82% of Primoris Services’ shares.

Primoris Services Corporation operates as a specialty contractor, providing a variety of construction, fabrication, maintenance, replacement, and engineering services across the United States and Canada. The company is structured into Utilities and Energy/Renewables segments, focusing on installation and maintenance services for natural gas distribution systems, electric utility distribution, and communication systems.