Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $89.14

Shares of Primoris Services Co. (NASDAQ:PRIM) have received an average rating of “Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $89.14.

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

Insider Transactions at Primoris Services

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

Institutional Investors Weigh In On Primoris Services

Several large investors have recently added to or reduced their stakes in PRIM. USA Financial Formulas acquired a new position in Primoris Services in the fourth quarter valued at approximately $27,000. Millburn Ridgefield Corp bought a new stake in shares of Primoris Services in the 3rd quarter valued at $59,000. Farther Finance Advisors LLC lifted its position in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after acquiring an additional 746 shares during the period. Principal Securities Inc. boosted its stake in 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 grew its holdings in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Trading Down 5.8 %

Shares of Primoris Services stock opened at $57.48 on Friday. The firm’s 50 day moving average is $71.62 and its 200 day moving average is $71.32. The firm has a market capitalization of $3.09 billion, a PE ratio of 19.03 and a beta of 1.13. Primoris Services has a 1 year low of $40.74 and a 1 year high of $90.86. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is presently 9.64%.

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.