Primoris Services (NASDAQ:PRIM) Shares Gap Down – What’s Next?

Primoris Services Co. (NASDAQ:PRIM) gapped down prior to trading on Monday . The stock had previously closed at $67.17, but opened at $63.89. Primoris Services shares last traded at $64.38, with a volume of 73,169 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PRIM. JPMorgan Chase & Co. lifted their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. Finally, DA Davidson restated a “buy” rating and set a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $89.14.

Primoris Services Stock Performance

The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s 50-day simple moving average is $74.06 and its 200 day simple moving average is $71.02. The stock has a market capitalization of $3.41 billion, a P/E ratio of 21.04 and a beta of 1.13.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.50%. Primoris Services’s dividend payout ratio (DPR) is 9.64%.

Insiders Place Their Bets

In other news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction dated 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 sale, the director now owns 7,377 shares of the company’s stock, valued at approximately $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of the business’s stock in a transaction dated 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. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Institutional investors have recently modified their holdings of the business. USA Financial Formulas bought a new stake in shares of Primoris Services in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC raised its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. raised its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. Covestor Ltd raised its stake in Primoris Services by 4,550.0% in the fourth quarter. Covestor Ltd now owns 930 shares of the construction company’s stock valued at $71,000 after purchasing an additional 910 shares in the last quarter. Finally, Millburn Ridgefield Corp acquired a new position in Primoris Services in the third quarter valued at about $59,000. 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.