Primoris Services (NASDAQ:PRIM) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $73.00 price objective on the construction company’s stock.

A number of other analysts have also issued reports on PRIM. KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. boosted their target price 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. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. UBS Group boosted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. One equities 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 stock. According to MarketBeat.com, Primoris Services has an average rating of “Buy” and an average price target of $89.14.

Primoris Services Stock Up 6.5 %

Shares of NASDAQ PRIM opened at $64.43 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a 1 year low of $39.63 and a 1 year high of $90.86. The stock’s 50-day simple moving average is $75.60 and its 200-day simple moving average is $70.62. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of 21.33 and a beta of 1.13.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Activity

In other news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, 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. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. USA Financial Formulas bought a new stake in Primoris Services during the 4th quarter valued at $27,000. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the third quarter valued at $59,000. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 3,552.4% during the fourth 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. lifted its holdings in 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 purchasing an additional 343 shares during the period. Finally, TD Private Client Wealth LLC grew its position 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 valued at $69,000 after buying an additional 230 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

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.