Primoris Services (NASDAQ:PRIM) Given New $90.00 Price Target at JPMorgan Chase & Co.

Primoris Services (NASDAQ:PRIM) had its target price boosted by equities researchers at JPMorgan Chase & Co. from $88.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 24.02% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. UBS Group upped their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $91.83.

Primoris Services Price Performance

PRIM traded up $2.06 during trading on Wednesday, reaching $72.57. The company’s stock had a trading volume of 291,879 shares, compared to its average volume of 803,063. The firm has a fifty day simple moving average of $77.76 and a two-hundred day simple moving average of $69.72. 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 cap of $3.90 billion, a price-to-earnings ratio of 23.96 and a beta of 1.14. Primoris Services has a 1 year low of $37.00 and a 1 year high of $90.86.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Alliancebernstein L.P. raised its holdings in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after purchasing an additional 1,274,839 shares in the last quarter. Congress Asset Management Co. acquired a new position in shares of Primoris Services in the 4th quarter worth approximately $48,851,000. Invesco Ltd. lifted its holdings in Primoris Services by 27.5% during the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after buying an additional 430,589 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Primoris Services by 97.4% during the 4th quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock valued at $59,026,000 after purchasing an additional 381,284 shares during the period. Finally, Summit Partners Public Asset Management LLC lifted its stake in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after buying an additional 374,926 shares during the period. Hedge funds and other 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.