Primoris Services (NASDAQ:PRIM) Given New $88.00 Price Target at JPMorgan Chase & Co.

Primoris Services (NASDAQ:PRIM) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $77.00 to $88.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 21.90% from the stock’s current price.

Several other research analysts have also issued reports on the stock. 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 price target on the stock. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $91.50.

Primoris Services Stock Up 4.5 %

NASDAQ:PRIM traded up $3.13 during trading hours on Tuesday, hitting $72.19. The stock had a trading volume of 148,644 shares, compared to its average volume of 624,121. The business has a 50 day simple moving average of $81.17 and a two-hundred day simple moving average of $66.66. Primoris Services has a 1-year low of $32.45 and a 1-year high of $90.86. The company has a market cap of $3.88 billion, a PE ratio of 23.82 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. Analysts predict that Primoris Services will post 3.26 EPS for the current year.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the sale, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,018 shares of company stock worth $1,854,974 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several large investors have recently made changes to their positions in PRIM. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares during the last quarter. Summit Partners Public Asset Management LLC boosted its holdings in Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the period. Yaupon Capital Management LP raised its stake in shares of Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after acquiring an additional 91,235 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Primoris Services by 12.6% in the third quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company’s stock worth $15,205,000 after buying an additional 29,200 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.