Primoris Services (NASDAQ:PRIM) Price Target Raised to $90.00

Primoris Services (NASDAQ:PRIM) had its price objective raised by JPMorgan Chase & Co. from $88.00 to $90.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

A number of other equities analysts have also recently commented on the company. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research report on Tuesday. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. 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 report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Primoris Services currently has an average rating of “Buy” and a consensus target price of $91.83.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $71.68 on Wednesday. The business has a 50 day simple moving average of $77.49 and a two-hundred day simple moving average of $69.76. Primoris Services has a 12 month low of $38.38 and a 12 month high of $90.86. The stock has a market capitalization of $3.85 billion, a P/E ratio of 23.74 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.45%. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC boosted its position in shares of Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after buying an additional 15,450 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after buying an additional 22,223 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after buying an additional 6,487 shares during the period. AMI Asset Management Corp boosted its position in shares of Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares during the period. Finally, Congress Asset Management Co. purchased a new position in shares of Primoris Services during the fourth quarter worth $48,851,000. 91.82% of the stock is currently owned by hedge funds and other 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.