Primoris Services Co. (NASDAQ:PRIM) Receives $88.38 Average Price Target from Analysts

Shares of Primoris Services Co. (NASDAQ:PRIM) have earned a consensus rating of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $84.75.

Several brokerages have recently issued reports on PRIM. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim restated a “buy” rating and set a $110.00 target price on shares of Primoris Services in a research report on Thursday, April 10th. KeyCorp lowered their price target on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday. Piper Sandler began coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price target for the company. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th.

Primoris Services Price Performance

Shares of PRIM stock opened at $56.35 on Tuesday. Primoris Services has a 1 year low of $42.86 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 firm’s 50 day moving average is $63.72 and its 200-day moving average is $71.29. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 18.66 and a beta of 1.17.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.57%. Primoris Services’s dividend payout ratio is 9.64%.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

A number of large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC bought a new stake in shares of Primoris Services in the first quarter valued at about $45,000. Redhawk Wealth Advisors Inc. lifted its stake in Primoris Services by 2.0% in the 1st quarter. Redhawk Wealth Advisors Inc. now owns 37,007 shares of the construction company’s stock valued at $2,125,000 after acquiring an additional 713 shares in the last quarter. SG Americas Securities LLC acquired a new position in Primoris Services during the 1st quarter worth approximately $1,070,000. Harbor Capital Advisors Inc. grew its stake in shares of Primoris Services by 14.4% during the 1st quarter. Harbor Capital Advisors Inc. now owns 25,610 shares of the construction company’s stock worth $1,470,000 after acquiring an additional 3,214 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Primoris Services by 166.1% in the first quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company’s stock valued at $118,000 after purchasing an additional 1,274 shares during the last quarter. 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.