Primoris Services’ (PRIM) “Buy” Rating Reiterated at DA Davidson

DA Davidson reissued their buy rating on shares of Primoris Services (NASDAQ:PRIM) in a research report report published on Tuesday morning,Benzinga reports. The firm currently has a $85.00 target price on the construction company’s stock.

A number of other research analysts have also recently issued reports on PRIM. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $91.83.

Primoris Services Stock Down 1.9 %

PRIM stock opened at $71.79 on Tuesday. Primoris Services has a 52 week low of $37.93 and a 52 week high of $90.86. The business has a 50-day simple moving average of $77.49 and a 200 day simple moving average of $69.76. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.86 billion, a PE ratio of 23.77 and a beta of 1.14.

Primoris Services Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC increased its position in shares of Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after buying an additional 15,450 shares during the period. Harbor Capital Advisors Inc. boosted its position in Primoris Services by 12,845.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after acquiring an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after acquiring an additional 6,487 shares during the period. AMI Asset Management Corp raised its position in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. acquired a new position in shares of Primoris Services in the 4th quarter valued at about $48,851,000. Institutional investors 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.