Piper Sandler Initiates Coverage on Primoris Services (NASDAQ:PRIM)

Piper Sandler began coverage on shares of Primoris Services (NASDAQ:PRIM - Free Report) in a research report report published on Tuesday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $75.00 price objective on the construction company's stock.

Several other equities research analysts have also recently issued reports on PRIM. DA Davidson restated a "buy" rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. Guggenheim initiated coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 target price for the company. JPMorgan Chase & Co. raised 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, KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $88.38.

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Primoris Services Stock Up 1.3 %

NASDAQ PRIM traded up $0.75 during mid-day trading on Tuesday, reaching $57.17. The stock had a trading volume of 552,659 shares, compared to its average volume of 715,129. Primoris Services has a 1 year low of $42.82 and a 1 year high of $90.86. The company has a fifty day moving average price of $65.42 and a 200 day moving average price of $71.39. 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 stock has a market cap of $3.08 billion, a PE ratio of 18.93 and a beta of 1.17.

Primoris Services Announces Dividend

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 $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.56%. Primoris Services's payout ratio is 9.64%.

Insider Transactions at Primoris Services

In other news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company's stock, valued at $501,636. The trade was a 11.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Large investors have recently made changes to their positions in the business. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter valued at about $27,000. Versant Capital Management Inc grew its holdings in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock valued at $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. raised its position in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock worth $68,000 after acquiring an additional 343 shares during the period. Finally, TD Private Client Wealth LLC raised its holdings in 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 worth $69,000 after purchasing an additional 230 shares during the period. 91.82% of the stock is 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.