Primoris Services (NASDAQ:PRIM) Given New $88.00 Price Target at JPMorgan Chase & Co.

Primoris Services (NASDAQ:PRIM) had its price objective hoisted by JPMorgan Chase & Co. from $77.00 to $88.00 in a research report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the construction company’s stock.

Several other equities research analysts also recently commented on PRIM. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Guggenheim began coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. Finally, KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and an average price target of $91.50.

Primoris Services Stock Up 4.8 %

Primoris Services stock opened at $72.41 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.89 billion, a P/E ratio of 23.98 and a beta of 1.14. The firm has a 50 day moving average price of $80.99 and a 200-day moving average price of $66.80. Primoris Services has a twelve month low of $32.45 and a twelve month high of $90.86.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities analysts predict that Primoris Services will post 3.26 EPS for the current year.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.08 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Tuesday, December 31st. Primoris Services’s payout ratio is 10.60%.

Insider Buying and Selling

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. The trade was a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,018 shares of company stock worth $1,854,974. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. TD Private Client Wealth LLC raised its position in 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. Virtue Capital Management LLC lifted its stake in Primoris Services by 2.1% during the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Primoris Services in the 4th quarter worth about $27,000. Finally, KBC Group NV increased its position in shares of Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock valued at $105,000 after purchasing an additional 399 shares during the last quarter. Institutional investors 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.