Primoris Services (NASDAQ:PRIM) Now Covered by Piper Sandler

Equities researchers at Piper Sandler started coverage on shares of Primoris Services (NASDAQ:PRIM) in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $75.00 price target on the construction company’s stock. Piper Sandler’s target price points to a potential upside of 40.50% from the stock’s previous close.

A number of other brokerages have also recently commented on PRIM. KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. raised their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. Finally, Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $87.38.

Primoris Services Price Performance

PRIM opened at $53.38 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $2.87 billion, a P/E ratio of 17.68 and a beta of 1.17. The stock has a 50-day moving average price of $67.68 and a 200-day moving average price of $71.66. Primoris Services has a 12-month low of $42.82 and a 12-month high of $90.86.

Insider Activity at Primoris Services

In related news, CEO Thomas Edward Mccormick sold 61,390 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total value of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares of the company’s stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 998 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the sale, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of Primoris Services in the 4th quarter worth about $27,000. Versant Capital Management Inc boosted its stake in Primoris Services by 294.1% during the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock worth $27,000 after acquiring an additional 347 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares in the last quarter. Principal Securities Inc. grew its holdings in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after purchasing an additional 343 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other 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.