Primoris Services Co. (NASDAQ:PRIM) Receives Consensus Rating of "Buy" from Brokerages

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) has received a consensus rating of "Buy" from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $89.14.

A number of research analysts recently weighed in on PRIM shares. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price on the stock. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a "buy" rating and a $73.00 target price for the company. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th.

Primoris Services Trading Down 1.1 %

NASDAQ:PRIM traded down $0.74 during trading hours on Friday, reaching $64.89. 514,318 shares of the company were exchanged, compared to its average volume of 658,584. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 21.49 and a beta of 1.13. The stock has a 50 day simple moving average of $72.95 and a 200 day simple moving average of $71.37. Primoris Services has a 52-week low of $40.66 and a 52-week high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Remove Ads

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date is Monday, March 31st. Primoris Services's payout ratio is 9.64%.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred 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 directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the firm's stock in a transaction that occurred 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 sale, the director now directly owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their position. 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 quarter. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Primoris Services by 30.9% during the fourth quarter. Wellington Management Group LLP now owns 234,530 shares of the construction company's stock valued at $17,918,000 after buying an additional 55,400 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Primoris Services during the 4th quarter valued at approximately $200,000. Total Wealth Planning & Management Inc. bought a new position in Primoris Services during the fourth quarter worth $677,000. Virtue Capital Management LLC boosted its holdings in Primoris Services by 6.1% in the fourth quarter. Virtue Capital Management LLC now owns 17,390 shares of the construction company's stock worth $1,329,000 after purchasing an additional 998 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Primoris Services during the fourth quarter valued at $226,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.