JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Primoris Services (NASDAQ:PRIM) Stock

Primoris Services (NASDAQ:PRIM) had its price objective upped by JPMorgan Chase & Co. from $88.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 25.36% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. The Goldman Sachs Group raised their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Guggenheim started coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. UBS Group lifted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $91.83.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $71.79 on Wednesday. Primoris Services has a one year low of $37.93 and a one year high of $90.86. The stock has a fifty day moving average of $77.49 and a 200-day moving average of $69.76. The company has a market capitalization of $3.86 billion, a PE ratio of 23.77 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtue Capital Management LLC increased its stake in Primoris Services by 6.1% during the fourth quarter. Virtue Capital Management LLC now owns 17,390 shares of the construction company’s stock valued at $1,329,000 after acquiring an additional 998 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in Primoris Services during the fourth quarter valued at approximately $226,000. Armis Advisers LLC acquired a new stake in Primoris Services during the fourth quarter valued at approximately $441,000. Mackenzie Financial Corp boosted its holdings in shares of Primoris Services by 138.2% in the 4th quarter. Mackenzie Financial Corp now owns 30,026 shares of the construction company’s stock worth $2,294,000 after acquiring an additional 17,421 shares in the last quarter. Finally, Castleark Management LLC acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $6,201,000. 91.82% of the stock is currently 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.