Analysts 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 brokerages that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $89.14.

A number of equities analysts recently commented on PRIM shares. Jefferies Financial Group started coverage on Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. DA Davidson restated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Guggenheim assumed 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.

Primoris Services Stock Down 1.1 %

Shares of NASDAQ PRIM opened at $64.89 on Friday. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 21.49 and a beta of 1.13. Primoris Services has a 52 week low of $40.74 and a 52 week high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s fifty day moving average is $72.62 and its 200 day moving average is $71.49.

Primoris Services Announces Dividend

The business 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 $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is currently 9.64%.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently added to or reduced their stakes in PRIM. Principal Financial Group Inc. boosted its position in shares of Primoris Services by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 50,620 shares of the construction company’s stock worth $2,940,000 after purchasing an additional 15,710 shares in the last quarter. KBC Group NV increased its stake in Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares in the last quarter. Quest Partners LLC grew its holdings 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 valued at $943,000 after buying an additional 15,450 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Primoris Services by 150.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 31,293 shares of the construction company’s stock worth $1,817,000 after acquiring an additional 18,823 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Primoris Services by 2.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 91,162 shares of the construction company’s stock valued at $5,295,000 after purchasing an additional 2,510 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

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.