Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $88.38

Primoris Services Co. (NASDAQ:PRIM) has received an average rating of “Buy” from the eight research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $84.75.

Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Piper Sandler began coverage on shares of Primoris Services in a report on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 target price on the stock. KeyCorp reduced their price target on Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday. Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $56.35 on Tuesday. The stock has a market capitalization of $3.04 billion, a PE ratio of 18.66 and a beta of 1.17. Primoris Services has a 52 week low of $42.86 and a 52 week high of $90.86. The stock has a 50 day moving average price of $63.72 and a 200 day moving average price of $71.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.08 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.57%. Primoris Services’s dividend payout ratio is currently 9.64%.

Insiders Place Their Bets

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares in the company, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were 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 approximately $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock worth $4,310,043 over the last three months. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of hedge funds have recently bought and sold shares of PRIM. Alliancebernstein L.P. grew its position in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. acquired a new stake in Primoris Services during the fourth quarter worth approximately $48,851,000. Invesco Ltd. increased its stake in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after acquiring an additional 430,589 shares during the period. JPMorgan Chase & Co. increased its stake in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the period. Finally, Norges Bank acquired a new position in Primoris Services in the 4th quarter valued at $22,636,000. 91.82% of the stock is owned by institutional investors.

About Primoris Services

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.