KeyCorp Lowers Primoris Services (NASDAQ:PRIM) Price Target to $67.00

Primoris Services (NASDAQ:PRIM) had its price objective trimmed by KeyCorp from $90.00 to $67.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

Several other equities research analysts also recently commented on PRIM. Piper Sandler assumed coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. DA Davidson restated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective for the company. Finally, Guggenheim reissued a “buy” rating and set a $110.00 target price on shares of Primoris Services in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Primoris Services presently has an average rating of “Buy” and a consensus target price of $84.75.

Primoris Services Trading Down 2.4 %

Shares of NASDAQ:PRIM opened at $56.35 on Wednesday. Primoris Services has a 1 year low of $42.86 and a 1 year high of $90.86. The firm has a market capitalization of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $63.30 and its 200 day moving average is $71.28.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend was Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,888 shares of company stock valued at $4,310,043. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Prosperity Wealth Management Inc. purchased a new stake in Primoris Services in the 1st quarter valued at $316,000. Sound Income Strategies LLC acquired a new stake in Primoris Services during the first quarter worth about $45,000. Redhawk Wealth Advisors Inc. raised its stake in Primoris Services by 2.0% during the first quarter. Redhawk Wealth Advisors Inc. now owns 37,007 shares of the construction company’s stock worth $2,125,000 after purchasing an additional 713 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Primoris Services in the 1st quarter valued at approximately $1,070,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Primoris Services by 14.4% during the 1st quarter. Harbor Capital Advisors Inc. now owns 25,610 shares of the construction company’s stock worth $1,470,000 after buying an additional 3,214 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.