Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Target Price at $91.50

Shares of Primoris Services Co. (NASDAQ:PRIM) have received an average rating of “Buy” from the six analysts that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $91.83.

Several analysts have weighed in on the company. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday. Finally, The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Primoris Services

A number of large investors have recently bought and sold shares of PRIM. Alliancebernstein L.P. increased its stake in 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. bought a new stake in Primoris Services during the 4th 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 purchasing an additional 430,589 shares in the last quarter. 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 purchasing an additional 381,284 shares in the last quarter. Finally, Summit Partners Public Asset Management LLC increased its stake in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM opened at $71.68 on Monday. The stock has a market capitalization of $3.85 billion, a P/E ratio of 23.74 and a beta of 1.14. Primoris Services has a 1-year low of $38.38 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. The business has a 50-day moving average price of $77.49 and a two-hundred day moving average price of $69.76.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

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.