KeyCorp Lowers Primoris Services (NASDAQ:PRIM) Price Target to $67.00

Primoris Services (NASDAQ:PRIM) had its price objective dropped by analysts at KeyCorp from $90.00 to $67.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s target price would suggest a potential upside of 18.91% from the stock’s previous close.

PRIM has been the topic of several other research reports. Piper Sandler started coverage on Primoris Services in a research note on Tuesday, April 8th. They issued an “overweight” rating and a $75.00 target price on the stock. JPMorgan Chase & Co. lifted their price objective on shares of 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 shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price for the company. Guggenheim reaffirmed a “buy” rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, April 10th. Finally, DA Davidson reissued a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of “Buy” and a consensus price target of $84.75.

Primoris Services Stock Down 2.4 %

Shares of NASDAQ PRIM opened at $56.35 on Wednesday. Primoris Services has a 12-month low of $42.86 and a 12-month high of $90.86. The stock’s fifty day simple moving average is $63.72 and its two-hundred day simple moving average is $71.29. The stock has a market capitalization of $3.04 billion, a PE ratio of 18.66 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.

Insider Transactions at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now directly owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s 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 approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. 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 three months. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. USA Financial Formulas acquired a new stake in shares of Primoris Services during the 4th quarter worth approximately $27,000. Versant Capital Management Inc increased its holdings in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company’s stock valued at $27,000 after buying an additional 347 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Primoris Services by 3,552.4% in 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 during the period. Sound Income Strategies LLC purchased a new stake in shares of Primoris Services during the 1st quarter worth about $45,000. Finally, Principal Securities Inc. grew its position in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after acquiring an additional 343 shares during the period. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.