Primoris Services’ (PRIM) Buy Rating Reaffirmed at Guggenheim

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

PRIM has been the topic of a number of other reports. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 target price on the stock. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. JPMorgan Chase & Co. lifted 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. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. Finally, Piper Sandler began coverage on Primoris Services in a report on Tuesday. They issued an “overweight” rating and a $75.00 price objective for the company. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $88.38.

Primoris Services Trading Down 3.4 %

Shares of PRIM opened at $56.59 on Thursday. The company’s fifty day simple moving average is $65.78 and its 200-day simple moving average is $71.40. The company has a market cap of $3.04 billion, a P/E ratio of 18.74 and a beta of 1.17. The company has a current ratio of 1.38, a quick 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.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Insider Buying and Selling at Primoris Services

In related news, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was 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 represents a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction dated 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 sale, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at approximately $2,999,623.60. This represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Arizona State Retirement System increased its holdings in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after purchasing an additional 131 shares in the last quarter. TD Private Client Wealth LLC raised 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 during the period. PNC Financial Services Group Inc. boosted its stake in shares of Primoris Services by 4.2% during the 4th 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. HighTower Advisors LLC grew its position in shares of Primoris Services by 5.3% during the 4th quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after acquiring an additional 268 shares during the period. Finally, Summit Investment Advisors Inc. increased its stake in shares of Primoris Services by 5.9% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock valued at $427,000 after purchasing an additional 313 shares in the last quarter. 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.