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

Primoris Services (NASDAQ:PRIM) had its price objective hoisted by JPMorgan Chase & Co. from $88.00 to $90.00 in a research note released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the construction company’s stock.

A number of other equities research analysts have also weighed in on the stock. The Goldman Sachs Group raised 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. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. Finally, UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One research 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $91.83.

Primoris Services Price Performance

PRIM opened at $73.03 on Wednesday. The company has a fifty day simple moving average of $77.66 and a 200 day simple moving average of $69.74. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 24.18 and a beta of 1.14. Primoris Services has a twelve month low of $37.00 and a twelve month high of $90.86. 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 Announces Dividend

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

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. USA Financial Formulas bought a new position in shares of Primoris Services in the 4th quarter worth about $27,000. Nisa Investment Advisors LLC lifted its position in Primoris Services by 414.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after purchasing an additional 584 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Primoris Services by 3,552.4% in the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares during the last quarter. Principal Securities Inc. lifted its position in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares during the last quarter. Finally, Blue Trust Inc. lifted its position 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 purchasing an additional 197 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

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.