Brokerages Set Primoris Services Co. (NASDAQ:PRIM) Price Target at $144.93

Primoris Services Co. (NASDAQ:PRIM) has received an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $144.9333.

PRIM has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. KeyCorp lifted their price target on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. The Goldman Sachs Group boosted their target price on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research note on Wednesday, January 28th. Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target for the company in a report on Tuesday, January 13th. Finally, Mizuho set a $129.00 target price on shares of Primoris Services in a research note on Tuesday, October 28th.

Insider Activity

In related news, Director John P. Schauerman sold 7,815 shares of Primoris Services stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the transaction, the director directly owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently made changes to their positions in PRIM. NewEdge Advisors LLC grew its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Primoris Services by 7.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock worth $28,337,000 after buying an additional 33,934 shares during the period. Caxton Associates LLP purchased a new position in shares of Primoris Services during the 1st quarter valued at approximately $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Primoris Services by 25.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock valued at $9,650,000 after acquiring an additional 33,818 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new position in Primoris Services during the second quarter worth $371,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Stock Up 2.5%

NASDAQ:PRIM opened at $165.35 on Monday. The firm has a market cap of $8.93 billion, a PE ratio of 54.75 and a beta of 1.37. The company has a 50-day moving average of $138.45 and a 200 day moving average of $128.73. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 1-year low of $49.10 and a 1-year high of $171.20.

Primoris Services Company Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.