Primoris Services (NASDAQ:PRIM) Raised to "Strong-Buy" at Piper Sandler

Piper Sandler upgraded shares of Primoris Services (NASDAQ:PRIM - Free Report) to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a report on Wednesday, February 26th. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price target for the company. Jefferies Financial Group began coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Guggenheim started coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price for the company. Finally, 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. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $88.38.

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Primoris Services Stock Performance

PRIM stock traded up $0.75 during midday trading on Monday, hitting $57.17. The company's 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 stock has a market cap of $3.08 billion, a price-to-earnings ratio of 18.93 and a beta of 1.17. The stock's 50-day moving average price is $65.42 and its 200 day moving average price is $71.39. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders 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 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services's payout ratio is presently 9.64%.

Insider Activity

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services 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 sale, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,888 shares of company stock worth $4,310,043 over the last ninety days. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company's stock worth $59,026,000 after buying an additional 381,284 shares during the last quarter. QRG Capital Management Inc. increased its stake in Primoris Services by 6.1% in the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock valued at $6,187,000 after acquiring an additional 4,623 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares in the last quarter. AMI Asset Management Corp lifted its stake in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after purchasing an additional 6,350 shares during the last quarter. Finally, Congress Asset Management Co. purchased a new position in shares of Primoris Services in the 4th quarter worth about $48,851,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.