JPMorgan Chase & Co. Issues Positive Forecast for Primoris Services (NASDAQ:PRIM) Stock Price

Primoris Services (NASDAQ:PRIM - Free Report) had its price objective increased by JPMorgan Chase & Co. from $77.00 to $88.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the construction company's stock.

PRIM has been the topic of a number of other research reports. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective for the company. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target for the company. Finally, DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $91.50.

Primoris Services Trading Down 0.4 %

Shares of NASDAQ PRIM traded down $0.28 during mid-day trading on Tuesday, hitting $76.76. The stock had a trading volume of 484,678 shares, compared to its average volume of 689,956. The firm has a market cap of $4.12 billion, a P/E ratio of 25.42 and a beta of 1.14. 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 business has a 50 day moving average price of $80.75 and a two-hundred day moving average price of $66.93. Primoris Services has a 1 year low of $32.63 and a 1 year high of $90.86.

Primoris Services (NASDAQ:PRIM - Get Free Report) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. On average, equities analysts anticipate that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.08 dividend. The ex-dividend date was Tuesday, December 31st. This is a boost from Primoris Services's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 0.42%. Primoris Services's payout ratio is 10.60%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares of the company's stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Lee King sold 2,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,018 shares of company stock worth $1,854,974. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

A number of large investors have recently made changes to their positions in PRIM. Congress Asset Management Co. purchased a new stake in shares of Primoris Services in the 4th quarter worth $48,851,000. Summit Partners Public Asset Management LLC grew its holdings in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after purchasing an additional 374,926 shares during the period. BNP Paribas Financial Markets increased its position in Primoris Services by 549.4% in the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock worth $14,343,000 after buying an additional 208,920 shares in the last quarter. Yaupon Capital Management LP increased its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after buying an additional 154,627 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after buying an additional 91,235 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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.