Primoris Services (NASDAQ:PRIM) Earns “Buy” Rating from DA Davidson

Primoris Services (NASDAQ:PRIM)‘s stock had its “buy” rating reiterated by equities researchers at DA Davidson in a report released on Tuesday,Benzinga reports. They presently have a $85.00 target price on the construction company’s stock. DA Davidson’s target price indicates a potential upside of 25.25% from the stock’s previous close.

PRIM has been the topic of several other research reports. UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. upped their target price 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 increased their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price for the company. Finally, Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $91.50.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded up $3.55 during trading on Tuesday, hitting $67.87. 665,895 shares of the stock were exchanged, compared to its average volume of 758,526. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 22.33 and a beta of 1.14. 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 $37.00 and a 1-year high of $90.86. The company’s fifty day simple moving average is $77.96 and its 200-day simple moving average is $69.59.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. increased its holdings in Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock valued at $152,489,000 after purchasing an additional 430,589 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after buying an additional 1,274,839 shares during the period. Geode Capital Management LLC boosted its holdings in Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after buying an additional 15,070 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of 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 buying 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.