Primoris Services Co. (NASDAQ:PRIM) Receives $91.50 Average PT from Analysts

Shares of Primoris Services Co. (NASDAQ:PRIM) have received an average rating of “Buy” from the six research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $91.83.

A number of research analysts have recently issued reports on the stock. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday. UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock.

Primoris Services Trading Up 3.6 %

Shares of Primoris Services stock opened at $73.03 on Monday. The firm’s 50 day moving average is $77.66 and its 200 day moving average is $69.74. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1 year low of $37.00 and a 1 year high of $90.86. The firm has a market capitalization of $3.92 billion, a PE ratio of 24.18 and a beta of 1.14.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Insiders Place Their Bets

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Several institutional investors have recently made changes to their positions in PRIM. USA Financial Formulas acquired a new stake in Primoris Services in the fourth quarter worth about $27,000. Nisa Investment Advisors LLC increased its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. increased its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services in the third quarter valued at approximately $59,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

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.