Primoris Services (NASDAQ:PRIM) Now Covered by Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Primoris Services (NASDAQ:PRIM) in a report published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $73.00 price target on the construction company’s stock.

A number of other research firms have also weighed in on PRIM. KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. Finally, UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One investment 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 a consensus rating of “Buy” and an average price target of $89.14.

Primoris Services Stock Performance

NASDAQ PRIM opened at $64.43 on Tuesday. The business has a fifty day moving average of $75.60 and a 200-day moving average of $70.62. Primoris Services has a fifty-two week low of $39.63 and a fifty-two week high of $90.86. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 21.33 and a beta of 1.13. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.50%. Primoris Services’s dividend payout ratio is presently 9.64%.

Insiders Place Their Bets

In related news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently made changes to their positions in the business. Total Wealth Planning & Management Inc. purchased a new position in Primoris Services in the fourth quarter valued at about $677,000. Virtue Capital Management LLC raised its holdings in shares of Primoris Services by 6.1% during the 4th quarter. Virtue Capital Management LLC now owns 17,390 shares of the construction company’s stock valued at $1,329,000 after buying an additional 998 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Primoris Services during the 4th quarter valued at about $226,000. Armis Advisers LLC purchased a new stake in shares of Primoris Services during the 4th quarter valued at about $441,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Primoris Services by 138.2% during the 4th quarter. Mackenzie Financial Corp now owns 30,026 shares of the construction company’s stock valued at $2,294,000 after buying an additional 17,421 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.