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

Shares of Primoris Services Co. (NASDAQ:PRIM - Get Free Report) have been given an average rating of "Buy" by the eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $84.75.

A number of research analysts have recently weighed in on the company. Piper Sandler began coverage on Primoris Services in a research report on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price objective on the stock. KeyCorp dropped their price target on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. JPMorgan Chase & Co. increased their price target on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Finally, DA Davidson restated a "buy" rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now directly owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now owns 12,586 shares of the company's stock, valued at $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 have sold 66,888 shares of company stock valued at $4,310,043 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Large investors have recently bought and sold shares of the stock. Barclays PLC boosted its holdings in Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after purchasing an additional 81,111 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock worth $70,810,000 after buying an additional 15,070 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after buying an additional 230 shares in the last quarter. Principal Financial Group Inc. grew 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 valued at $2,940,000 after buying an additional 15,710 shares during the last quarter. Finally, Oliver Luxxe Assets LLC raised its stake in Primoris Services by 2.6% during the 4th quarter. Oliver Luxxe Assets LLC now owns 31,447 shares of the construction company's stock worth $2,403,000 after acquiring an additional 785 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $1.40 during trading on Tuesday, hitting $56.35. The company's stock had a trading volume of 1,135,688 shares, compared to its average volume of 719,684. The company has a 50-day moving average of $63.30 and a 200-day moving average of $71.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 18.66 and a beta of 1.17. Primoris Services has a 12 month low of $42.86 and a 12 month high of $90.86.

Primoris Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.08 per share. The ex-dividend date was Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.57%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

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.