Primoris Services Co. (NASDAQ:PRIM) Given Consensus Recommendation of “Buy” by Brokerages

Primoris Services Co. (NASDAQ:PRIM) has earned an average recommendation of “Buy” from the seven analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $89.14.

PRIM has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. 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 price objective 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 note on Wednesday, February 26th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company.

Primoris Services Stock Performance

Shares of NASDAQ PRIM opened at $64.89 on Friday. Primoris Services has a 52 week low of $40.74 and a 52 week high of $90.86. The stock has a market capitalization of $3.49 billion, a PE ratio of 21.49 and a beta of 1.13. 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 stock has a 50 day moving average price of $72.62 and a 200 day moving average price of $71.49.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.49%. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. This 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 valued at $4,310,043 over the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Vanguard Group Inc. lifted its holdings in shares of Primoris Services by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock valued at $152,489,000 after buying an additional 430,589 shares in the last quarter. Alliancebernstein L.P. lifted its position 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 worth $101,628,000 after buying an additional 1,274,839 shares during the last quarter. Geode Capital Management LLC boosted its stake in Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after buying an additional 15,070 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Primoris Services by 15.8% during the fourth 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 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.