Primoris Services (NASDAQ:PRIM) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note issued to investors on Tuesday, Marketbeat reports. The firm issued an overweight rating and a $75.00 target price on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Guggenheim started coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Buy” and an average price target of $88.38.

Primoris Services Price Performance

PRIM stock opened at $56.59 on Tuesday. Primoris Services has a 1 year low of $42.82 and a 1 year high of $90.86. The firm has a market capitalization of $3.04 billion, a P/E ratio of 18.74 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $65.78 and its two-hundred day moving average is $71.40.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction on Monday, March 17th. The shares were 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 owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last 90 days. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Several hedge funds and other institutional investors have recently made changes to their positions in PRIM. USA Financial Formulas purchased a new position in Primoris Services during the fourth quarter worth about $27,000. Versant Capital Management Inc raised its stake in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. boosted its stake in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its holdings in Primoris Services by 24.2% during the third 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 period. 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.