Primoris Services (NASDAQ:PRIM) Price Target Raised to $88.00

Primoris Services (NASDAQ:PRIM) had its price target boosted by JPMorgan Chase & Co. from $77.00 to $88.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

Several other brokerages have also issued reports on PRIM. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. The Goldman Sachs Group boosted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson raised their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $91.50.

Primoris Services Price Performance

PRIM stock opened at $77.14 on Tuesday. The firm has a 50 day simple moving average of $80.75 and a two-hundred day simple moving average of $66.93. The stock has a market cap of $4.14 billion, a PE ratio of 20.83 and a beta of 1.14. Primoris Services has a one year low of $32.63 and a one year high of $90.86. 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 (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. On average, analysts predict that Primoris Services will post 3.26 EPS for the current fiscal year.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 10.60%.

Insiders Place Their Bets

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the sale, the director now directly owns 7,908 shares in the company, valued at $621,015.24. This trade represents a 33.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 in the company, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,018 shares of company stock worth $1,854,974. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in the company. Quest Partners LLC raised its holdings in Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after purchasing an additional 15,450 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after acquiring an additional 22,223 shares during the period. Benjamin Edwards Inc. boosted its stake in Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after acquiring an additional 6,487 shares in the last quarter. AMI Asset Management Corp grew its holdings in Primoris Services by 50.0% in the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after purchasing an additional 6,350 shares during the period. Finally, Ausbil Investment Management Ltd increased its stake in shares of Primoris Services by 31.8% during the third quarter. Ausbil Investment Management Ltd now owns 58,223 shares of the construction company’s stock valued at $3,382,000 after purchasing an additional 14,033 shares in the last quarter. 91.82% of the stock is currently owned by 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.