Primoris Services Corp (PRIM) Receives $31.00 Average PT from Brokerages

Primoris Services Corp (NASDAQ:PRIM) has been assigned a consensus rating of “Hold” from the seven research firms that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $31.00.

A number of analysts recently weighed in on PRIM shares. Zacks Investment Research lowered shares of Primoris Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 18th. Canaccord Genuity reissued a “buy” rating and issued a $30.00 price target on shares of Primoris Services in a report on Tuesday, November 7th. Finally, BidaskClub lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, January 6th.

Primoris Services (NASDAQ PRIM) traded down $0.13 during trading hours on Friday, hitting $24.07. 366,000 shares of the stock were exchanged, compared to its average volume of 216,856. Primoris Services has a 52 week low of $21.83 and a 52 week high of $30.00. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $1,245.06, a PE ratio of 19.26, a P/E/G ratio of 1.78 and a beta of 1.29.

In other news, Director Stephen C. Cook sold 3,980 shares of Primoris Services stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the transaction, the director now directly owns 10,502 shares of the company’s stock, valued at $292,165.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John P. Schauerman sold 50,000 shares of Primoris Services stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $28.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 63,057 shares of company stock valued at $1,759,706 in the last ninety days. Company insiders own 24.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Primoris Services by 5.6% during the fourth quarter. BlackRock Inc. now owns 2,523,501 shares of the construction company’s stock worth $68,614,000 after purchasing an additional 133,239 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Primoris Services by 4.4% in the third quarter. Dimensional Fund Advisors LP now owns 2,241,073 shares of the construction company’s stock worth $65,932,000 after acquiring an additional 94,279 shares during the period. Lord Abbett & CO. LLC raised its position in Primoris Services by 4.3% in the second quarter. Lord Abbett & CO. LLC now owns 1,352,384 shares of the construction company’s stock worth $33,728,000 after acquiring an additional 56,002 shares during the period. State Street Corp raised its position in Primoris Services by 6.4% in the second quarter. State Street Corp now owns 766,590 shares of the construction company’s stock worth $19,115,000 after acquiring an additional 45,858 shares during the period. Finally, Northern Trust Corp raised its position in Primoris Services by 0.3% in the second quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after acquiring an additional 1,657 shares during the period. 69.79% of the stock is currently owned by institutional investors.

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About Primoris Services

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

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