Primoris Services (NASDAQ:PRIM) Coverage Initiated by Analysts at Jefferies Financial Group

Stock analysts at Jefferies Financial Group started coverage on shares of Primoris Services (NASDAQ:PRIM) in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $73.00 price target on the construction company’s stock. Jefferies Financial Group’s price target points to a potential upside of 20.61% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Guggenheim started coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective on the stock. UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Primoris Services presently has an average rating of “Buy” and a consensus price target of $89.14.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $60.52 on Tuesday. Primoris Services has a 12-month low of $39.63 and a 12-month high of $90.86. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $75.93 and its two-hundred day simple moving average is $70.57. The firm has a market cap of $3.25 billion, a PE ratio of 20.04 and a beta of 1.13.

Insider Transactions at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the business’s 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 completion of the transaction, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now owns 7,377 shares in the company, valued at approximately $501,636. This trade represents a 11.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Arizona State Retirement System lifted its holdings in shares of Primoris Services by 0.8% during the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company’s stock valued at $1,190,000 after purchasing an additional 131 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company’s stock valued at $505,000 after purchasing an additional 268 shares in the last quarter. HighTower Advisors LLC boosted its position in Primoris Services by 5.3% in the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company’s stock valued at $406,000 after buying an additional 268 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its holdings in Primoris Services by 5.9% during the 4th quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company’s stock worth $427,000 after acquiring an additional 313 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.