Primoris Services (NASDAQ:PRIM) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Primoris Services (NASDAQ:PRIM) to a strong-buy rating in a report issued on Monday morning,Zacks.com reports.

A number of other equities analysts have also commented on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, Guggenheim began coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and an average price target of $87.38.

Primoris Services Stock Performance

Shares of PRIM opened at $58.66 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 19.42 and a beta of 1.17. Primoris Services has a 52-week low of $42.82 and a 52-week high of $90.86. The stock’s 50-day simple moving average is $66.15 and its 200 day simple moving average is $71.41.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given 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 dividend yield of 0.55%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was 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 $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,888 shares of company stock valued at $4,310,043. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of the stock. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Versant Capital Management Inc boosted its position in Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after buying an additional 347 shares during the period. Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the last quarter. Principal Securities Inc. increased its position in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after acquiring an additional 343 shares during the period. Finally, TD Private Client Wealth LLC raised its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after acquiring an additional 230 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

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.