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

Primoris Services Co. (NASDAQ:PRIM) shares gapped down prior to trading 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 traded.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PRIM. Guggenheim began coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Buy” and an average price target of $89.14.

Primoris Services Trading Down 3.9 %

The business has a fifty day simple moving average of $74.66 and a 200 day simple moving average of $70.91. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of 21.25 and a beta of 1.13. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insiders Place Their Bets

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction 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 transaction, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. This represents a 26.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The stock was 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 in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRIM. Alliancebernstein L.P. raised its position in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after buying an additional 1,274,839 shares during the period. Congress Asset Management Co. purchased a new position in shares of Primoris Services in the 4th quarter worth $48,851,000. Invesco Ltd. raised its position in shares of Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after buying an additional 430,589 shares during the period. JPMorgan Chase & Co. raised its position in shares of Primoris Services by 97.4% in the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after buying an additional 381,284 shares during the period. Finally, Summit Partners Public Asset Management LLC raised its position in shares of Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the period. 91.82% of the stock is owned by hedge funds and other 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.