Guggenheim Reiterates Buy Rating for Primoris Services (NASDAQ:PRIM)

Primoris Services (NASDAQ:PRIM)‘s stock had its “buy” rating reissued by equities researchers at Guggenheim in a research note issued to investors on Thursday,Benzinga reports. They presently have a $110.00 target price on the construction company’s stock. Guggenheim’s target price indicates a potential upside of 94.70% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. Piper Sandler assumed coverage on shares of Primoris Services in a research note on Tuesday. They issued an “overweight” rating and a $75.00 target price on the stock. DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a research report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. One analyst has rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus price target of $88.38.

Primoris Services Stock Down 3.6 %

Primoris Services stock traded down $2.08 during midday trading on Thursday, hitting $56.50. 182,763 shares of the stock were exchanged, compared to its average volume of 710,190. Primoris Services has a 52-week low of $42.82 and a 52-week high of $90.86. The business’s 50-day moving average price is $66.15 and its 200-day moving average price is $71.41. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 18.77 and a beta of 1.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Insider Buying and Selling

In other news, Director Stephen C. Cook sold 998 shares of the firm’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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the transaction, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock valued at $4,310,043. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after acquiring an additional 381,284 shares during the period. QRG Capital Management Inc. increased its holdings in shares of Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock valued at $6,187,000 after purchasing an additional 4,623 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock valued at $1,711,000 after purchasing an additional 22,223 shares during the period. AMI Asset Management Corp boosted its holdings in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. acquired a new stake in Primoris Services during the fourth quarter valued at $48,851,000. 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.