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

Shares of Primoris Services Co. (NASDAQ:PRIM) have earned an average recommendation of “Buy” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $84.75.

Several brokerages have recently commented on PRIM. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Guggenheim reaffirmed a “buy” rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. Jefferies Financial Group assumed coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, Piper Sandler initiated coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 price target on the stock.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at $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 have sold a total of 66,888 shares of company stock worth $4,310,043 in the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $27,000. Versant Capital Management Inc lifted its holdings in Primoris Services by 294.1% in the first 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. Sound Income Strategies LLC bought a new stake in Primoris Services during the first quarter valued at $45,000. Farther Finance Advisors LLC grew its holdings in Primoris Services by 3,552.4% during 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 period. Finally, Principal Securities Inc. raised its position in shares of Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $56.35 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a fifty-two week low of $43.57 and a fifty-two week high of $90.86. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 18.66 and a beta of 1.17. The stock has a fifty day moving average price of $63.30 and a 200-day moving average price of $71.38.

Primoris Services Dividend Announcement

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

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.