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

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

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

Primoris Services Stock Down 1.9 %

Shares of NASDAQ:PRIM opened at $71.79 on Tuesday. 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 52-week low of $37.93 and a 52-week high of $90.86. The business’s 50 day simple moving average is $77.49 and its two-hundred day simple moving average is $69.76. The firm has a market cap of $3.86 billion, a P/E ratio of 23.77 and a beta of 1.14.

Primoris Services Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently made changes to their positions in PRIM. Arizona State Retirement System increased its holdings in Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after buying an additional 131 shares during the last quarter. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after acquiring an additional 197 shares during the period. TD Private Client Wealth LLC increased its stake in shares of Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Primoris Services by 4.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after purchasing an additional 268 shares during the period. Finally, HighTower Advisors LLC raised its holdings in shares of Primoris Services by 5.3% in the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock worth $406,000 after purchasing an additional 268 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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.