Primoris Services (NASDAQ:PRIM - Get Free Report) had its price target raised by research analysts at JPMorgan Chase & Co. from $88.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 25.56% from the company's previous close.
A number of other equities research analysts have also weighed in on PRIM. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Guggenheim began coverage on Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price objective on the stock. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price objective on the stock. UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, DA Davidson reiterated a "buy" rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday. One research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $91.83.
Get Our Latest Stock Report on PRIM
Primoris Services Stock Performance
Shares of NASDAQ PRIM traded down $0.03 during midday trading on Wednesday, reaching $71.68. 1,484,750 shares of the company were exchanged, compared to its average volume of 862,645. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1 year low of $38.38 and a 1 year high of $90.86. The stock has a fifty day simple moving average of $77.31 and a 200 day simple moving average of $70.01. The stock has a market cap of $3.85 billion, a P/E ratio of 23.74 and a beta of 1.14.
Insider Buying and Selling
In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of PRIM. Vanguard Group Inc. raised its holdings in Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company's stock valued at $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. raised its holdings in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company's stock valued at $152,489,000 after acquiring an additional 430,589 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company's stock valued at $101,628,000 after acquiring an additional 1,274,839 shares during the last quarter. Geode Capital Management LLC raised its holdings in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after acquiring an additional 15,070 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Primoris Services by 15.8% in the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company's stock valued at $87,023,000 after acquiring an additional 155,347 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.
About Primoris Services
(
Get Free Report)
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.
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