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

Primoris Services (NASDAQ:PRIM) had its price target raised by equities researchers at JPMorgan Chase & Co. from $77.00 to $88.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 17.96% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. UBS Group increased their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Guggenheim assumed coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. Finally, DA Davidson boosted 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. One investment 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 company’s stock. According to MarketBeat.com, Primoris Services presently has an average rating of “Buy” and a consensus price target of $91.50.

Primoris Services Trading Up 3.2 %

NASDAQ:PRIM opened at $74.60 on Tuesday. The company has a market capitalization of $4.01 billion, a PE ratio of 24.70 and a beta of 1.14. Primoris Services has a 52-week low of $32.63 and a 52-week high of $90.86. The stock’s 50 day moving average price is $80.88 and its 200 day moving average price is $66.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced 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 net margin of 2.68% and a return on equity of 15.23%. The business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the firm posted $1.02 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that Primoris Services will post 3.26 EPS for the current year.

Insider Activity

In related news, CEO Thomas Edward Mccormick sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now directly owns 61,390 shares of the company’s stock, valued at $4,989,779.20. This trade represents a 19.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total value of $152,280.00. Following the sale, the director now owns 25,818 shares in the company, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,018 shares of company stock worth $1,854,974 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quest Partners LLC raised its position in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after acquiring an additional 15,450 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after purchasing an additional 22,223 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after purchasing an additional 6,487 shares during the last quarter. AMI Asset Management Corp lifted its stake in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after buying an additional 6,350 shares in the last quarter. Finally, Ausbil Investment Management Ltd lifted its stake in Primoris Services by 31.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 58,223 shares of the construction company’s stock valued at $3,382,000 after buying an additional 14,033 shares in the last quarter. 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.