Primoris Services (NASDAQ:PRIM) Given “Buy” Rating at Guggenheim

Primoris Services (NASDAQ:PRIMGet Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Guggenheim in a research note issued to investors on Thursday,Benzinga reports. They currently have a $110.00 target price on the construction company’s stock. Guggenheim’s price objective would indicate a potential upside of 92.41% from the company’s previous close.

A number of other research firms have also recently weighed in on PRIM. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. lifted their price target 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. Finally, Piper Sandler began coverage on shares of Primoris Services in a research note on Tuesday. They set an “overweight” rating and a $75.00 price objective on the stock. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services has an average rating of “Buy” and an average target price of $88.38.

View Our Latest Stock Report on Primoris Services

Primoris Services Trading Up 1.3 %

Shares of PRIM opened at $57.17 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. 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 $3.07 billion, a price-to-earnings ratio of 18.93 and a beta of 1.17. The firm has a 50 day simple moving average of $65.42 and a 200-day simple moving average of $71.39.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. The trade was a 11.92 % 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 in the last quarter. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Several large investors have recently added to or reduced their stakes in PRIM. Vanguard Group Inc. boosted its position in shares of Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after buying an additional 82,261 shares during the period. Invesco Ltd. boosted 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 worth $152,489,000 after acquiring an additional 430,589 shares during the period. Alliancebernstein L.P. boosted 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 worth $101,628,000 after acquiring an additional 1,274,839 shares during the period. Geode Capital Management LLC grew its position 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 valued at $70,810,000 after acquiring an additional 15,070 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of 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 purchasing an additional 155,347 shares during the period. 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.

Further Reading

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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