Primoris Services (NASDAQ:PRIM) Stock Rating Upgraded by Piper Sandler

Primoris Services (NASDAQ:PRIM) was upgraded by stock analysts at Piper Sandler to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other analysts have also issued reports on PRIM. JPMorgan Chase & Co. boosted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. Guggenheim initiated coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group began coverage on Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Primoris Services currently has an average rating of “Buy” and an average price target of $87.38.

Primoris Services Price Performance

PRIM opened at $53.60 on Monday. The firm has a 50-day moving average price of $66.88 and a 200-day moving average price of $71.49. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a twelve month low of $42.82 and a twelve month high of $90.86. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 17.75 and a beta of 1.17.

Insider Transactions at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total value of $3,935,099.00. Following the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % 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, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at $501,636. This represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primoris Services

Institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of Primoris Services during the fourth quarter worth about $27,000. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after buying an additional 347 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after buying an additional 746 shares during the period. Principal Securities Inc. increased its stake in shares of Primoris Services by 63.2% during the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after acquiring an additional 230 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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.