Primoris Services (NASDAQ:PRIM) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Primoris Services (NASDAQ:PRIM) in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $73.00 price target on the construction company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 20.61% from the stock’s previous close.

A number of other research analysts have also recently weighed in on PRIM. DA Davidson restated a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. UBS Group boosted their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $89.14.

Primoris Services Stock Down 4.6 %

Primoris Services stock opened at $60.52 on Tuesday. The company has a market capitalization of $3.25 billion, a PE ratio of 20.04 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a fifty-two week low of $39.63 and a fifty-two week high of $90.86. The firm has a 50 day moving average price of $75.93 and a 200 day moving average price of $70.57.

Insider Activity

In related news, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now directly owns 7,377 shares of the company’s stock, valued at approximately $501,636. This trade represents a 11.92 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised 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 acquiring an additional 131 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Primoris Services by 24.2% during the 3rd 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 last quarter. PNC Financial Services Group Inc. increased its stake 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 valued at $505,000 after buying an additional 268 shares during the period. HighTower Advisors LLC lifted its holdings in Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after buying an additional 268 shares during the period. Finally, Summit Investment Advisors Inc. lifted its stake in Primoris Services by 5.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock valued at $427,000 after buying an additional 313 shares during the period. 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.