Primoris Services (NASDAQ:PRIM) Price Target Raised to $88.00 at JPMorgan Chase & Co.

Primoris Services (NASDAQ:PRIM) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $77.00 to $88.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 21.90% from the stock’s current price.

Other analysts also recently issued reports about the stock. DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. UBS Group raised their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, KeyCorp began coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. One 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $91.50.

Primoris Services Stock Up 4.5 %

Shares of NASDAQ PRIM traded up $3.13 during mid-day trading on Tuesday, hitting $72.19. 148,644 shares of the stock traded hands, compared to its average volume of 624,121. The stock has a fifty day moving average price of $81.17 and a 200-day moving average price of $66.66. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 23.82 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 52 week low of $32.45 and a 52 week high of $90.86.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. Primoris Services’s revenue was up 7.8% on a year-over-year basis. Research analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The shares were 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 owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,018 shares of company stock worth $1,854,974. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several large investors have recently modified their holdings of PRIM. Geode Capital Management LLC grew 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 worth $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC lifted its position in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares in the last quarter. Yaupon Capital Management LP raised its position in Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after acquiring an additional 91,235 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Primoris Services by 12.6% in the third quarter. Point72 Asset Management L.P. now owns 261,800 shares of the construction company’s stock valued at $15,205,000 after purchasing an additional 29,200 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.