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

Guggenheim reissued their buy rating on shares of Primoris Services (NASDAQ:PRIM) in a report released on Thursday,Benzinga reports. The brokerage currently has a $110.00 price target on the construction company’s stock.

A number of other research firms also recently weighed in on PRIM. JPMorgan Chase & Co. increased their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group initiated coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Piper Sandler initiated coverage on shares of Primoris Services in a report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price target for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $88.38.

Primoris Services Trading Up 1.3 %

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 fifty-two week low of $42.82 and a fifty-two week high of $90.86. The company’s 50 day moving average price is $65.42 and its two-hundred day moving average price is $71.39. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 18.93 and a beta of 1.17.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. Primoris Services’s dividend payout ratio is presently 9.64%.

Insider Activity at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 in the last three months. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of the stock. EP Wealth Advisors LLC purchased a new stake in Primoris Services in the 3rd quarter valued at $238,000. Y Intercept Hong Kong Ltd raised its holdings in shares of Primoris Services by 70.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 16,578 shares of the construction company’s stock valued at $963,000 after purchasing an additional 6,834 shares during the last quarter. Barclays PLC boosted its holdings in Primoris Services by 245.8% during the third quarter. Barclays PLC now owns 114,116 shares of the construction company’s stock worth $6,628,000 after purchasing an additional 81,111 shares during the last quarter. Vestcor Inc bought a new stake in Primoris Services in the 3rd quarter worth about $925,000. Finally, Geode Capital Management LLC increased its stake in Primoris Services by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after buying an additional 15,070 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

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.