Primoris Services (NASDAQ:PRIM) Earns Overweight Rating from Analysts at Piper Sandler

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

PRIM has been the subject of several other research reports. KeyCorp assumed coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. Jefferies Financial Group started coverage on Primoris Services in a research report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. raised their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Primoris Services has a consensus rating of “Buy” and an average price target of $88.38.

Primoris Services Price Performance

Primoris Services stock opened at $56.59 on Tuesday. The stock has a market capitalization of $3.04 billion, a P/E ratio of 18.74 and a beta of 1.17. The company’s fifty day moving average price is $65.78 and its 200 day moving average price is $71.40. 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 $42.82 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction 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 completion of the sale, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Horizons Wealth Management purchased a new stake in shares of Primoris Services in the 1st quarter valued at approximately $231,000. Viking Fund Management LLC acquired a new stake in Primoris Services in the 1st quarter valued at approximately $689,000. Rhumbline Advisers raised its position in Primoris Services by 2.5% in the first quarter. Rhumbline Advisers now owns 85,584 shares of the construction company’s stock valued at $4,913,000 after purchasing an additional 2,122 shares during the period. Summit Global Investments lifted its stake in Primoris Services by 106.4% during the first quarter. Summit Global Investments now owns 17,011 shares of the construction company’s stock worth $977,000 after purchasing an additional 8,771 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Primoris Services by 7,798.2% during the first quarter. GAMMA Investing LLC now owns 13,032 shares of the construction company’s stock worth $748,000 after buying an additional 12,867 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.