Primoris Services’ (PRIM) Buy Rating Reiterated at Guggenheim

Guggenheim reiterated their buy rating on shares of Primoris Services (NASDAQ:PRIM) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $110.00 target price on the construction company’s stock.

Several other equities analysts have also weighed in on PRIM. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Piper Sandler initiated coverage on Primoris Services in a report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, Jefferies Financial Group began coverage on Primoris Services in a 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $88.38.

Primoris Services Stock Up 1.3 %

PRIM stock opened at $57.17 on Thursday. Primoris Services has a 1-year low of $42.82 and a 1-year high of $90.86. The business’s 50 day simple moving average is $65.42 and its 200 day simple moving average is $71.39. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $3.08 billion, a PE ratio of 18.93 and a beta of 1.17.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is currently 9.64%.

Insider Buying and Selling

In other Primoris Services news, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were 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 of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRIM. USA Financial Formulas acquired a new stake in shares of Primoris Services in the 4th quarter valued at approximately $27,000. Versant Capital Management Inc lifted its stake in Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Primoris Services by 3,552.4% in 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 in the last quarter. Principal Securities Inc. grew 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 worth $68,000 after buying an additional 343 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

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.