DA Davidson Reiterates “Buy” Rating for Primoris Services (NASDAQ:PRIM)

Primoris Services (NASDAQ:PRIM)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a report released on Tuesday,Benzinga reports. They currently have a $85.00 target price on the construction company’s stock. DA Davidson’s target price would suggest a potential upside of 25.25% from the stock’s current price.

PRIM has been the subject of several other reports. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Guggenheim started coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. KeyCorp initiated coverage on Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, UBS Group lifted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services presently has a consensus rating of “Buy” and an average price target of $91.50.

Primoris Services Stock Performance

PRIM stock traded up $3.55 during trading on Tuesday, reaching $67.87. 665,895 shares of the company’s stock were exchanged, compared to its average volume of 758,526. The firm has a market cap of $3.65 billion, a PE ratio of 22.33 and a beta of 1.14. 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 1-year low of $37.00 and a 1-year high of $90.86. The company’s fifty day moving average price is $77.96 and its 200-day moving average price is $69.59.

Insiders Place Their Bets

In other 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 transaction, 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 SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several large investors have recently made changes to their positions in PRIM. Arizona State Retirement System boosted its position in Primoris Services by 0.8% during the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 131 shares during the period. Blue Trust Inc. grew its holdings in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the last quarter. TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the 3rd 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 during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after buying an additional 268 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock worth $406,000 after acquiring an additional 268 shares during 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.