Primoris Services (NASDAQ:PRIM) Shares Gap Down – Here’s Why

Primoris Services Co. (NASDAQ:PRIM) gapped down before the market opened on Monday . The stock had previously closed at $67.17, but opened at $63.89. Primoris Services shares last traded at $64.38, with a volume of 73,169 shares.

Analyst Upgrades and Downgrades

PRIM has been the subject of a number of recent analyst reports. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, Jefferies Financial Group began coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price for the company. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus target price of $89.14.

Primoris Services Price Performance

The company has a fifty day moving average price of $74.66 and a two-hundred day moving average price of $70.91. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $3.47 billion, a PE ratio of 21.25 and a beta of 1.13.

Primoris Services Announces Dividend

The business also recently disclosed 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. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primoris Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in 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 purchasing an additional 82,261 shares during the period. Invesco Ltd. increased its position in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. increased its position in Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after purchasing an additional 1,274,839 shares during the period. Geode Capital Management LLC increased its position 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 purchasing an additional 15,070 shares during the period. Finally, First Trust Advisors LP increased its position in Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after purchasing an additional 155,347 shares during the period. Institutional investors and hedge funds 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.