Primoris Services Co. (NASDAQ:PRIM) Receives $89.14 Consensus Price Target from Analysts

Shares of Primoris Services Co. (NASDAQ:PRIM) have been assigned an average rating of “Buy” from the seven ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $89.14.

A number of research firms recently weighed in on PRIM. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primoris Services

A number of large investors have recently added to or reduced their stakes in PRIM. USA Financial Formulas bought a new position in shares of Primoris Services during the 4th quarter valued at about $27,000. Millburn Ridgefield Corp bought a new position in Primoris Services during the third quarter valued at approximately $59,000. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 3,552.4% during 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 in the last quarter. Principal Securities Inc. raised its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

PRIM opened at $63.68 on Friday. The firm has a 50-day moving average price of $73.22 and a 200-day moving average price of $71.26. Primoris Services has a twelve month low of $40.66 and a twelve month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 21.08 and a beta of 1.13.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. Primoris Services’s payout ratio is currently 9.64%.

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.