Primoris Services (NASDAQ:PRIM) Now Covered by Piper Sandler

Piper Sandler started coverage on shares of Primoris Services (NASDAQ:PRIM) in a report issued on Tuesday, MarketBeat Ratings reports. The firm issued an overweight rating and a $75.00 price target on the construction company’s stock.

Other equities analysts have also recently issued research reports about the stock. DA Davidson reiterated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. JPMorgan Chase & Co. lifted their target price 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 shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. Finally, Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Primoris Services has an average rating of “Buy” and an average target price of $87.38.

Primoris Services Price Performance

Shares of PRIM opened at $53.60 on Tuesday. Primoris Services has a fifty-two week low of $42.82 and a fifty-two week high of $90.86. The firm’s 50-day simple moving average is $66.88 and its two-hundred day simple moving average is $71.49. The stock has a market cap of $2.88 billion, a PE ratio of 17.75 and a beta of 1.17. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 9.64%.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares of the company’s stock, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock valued at $4,310,043 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

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

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.