Primoris Services (NASDAQ:PRIM) Given New $90.00 Price Target at JPMorgan Chase & Co.

Primoris Services (NASDAQ:PRIM) had its price target raised by JPMorgan Chase & Co. from $88.00 to $90.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the construction company’s stock.

Other equities analysts also recently issued research reports about the stock. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. Finally, DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research note on Tuesday. One investment 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’s stock. According to data from MarketBeat.com, Primoris Services has an average rating of “Buy” and an average target price of $91.83.

Primoris Services Stock Performance

Shares of PRIM opened at $73.03 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 24.18 and a beta of 1.14. The company’s 50 day simple moving average is $77.66 and its 200 day simple moving average is $69.74. Primoris Services has a 1 year low of $37.00 and a 1 year high of $90.86.

Primoris Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 10.60%.

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 value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primoris Services

Several large investors have recently made changes to their positions in the business. Arizona State Retirement System increased its position in shares of Primoris Services by 0.8% in the fourth quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock worth $1,190,000 after acquiring an additional 131 shares in the last quarter. Blue Trust Inc. increased its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. TD Private Client Wealth LLC increased its position in shares of 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 in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Primoris Services by 4.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock worth $505,000 after acquiring an additional 268 shares in the last quarter. Finally, HighTower Advisors LLC increased its position 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 in the last quarter. Institutional investors and hedge funds 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.