JPMorgan Chase & Co. Increases Primoris Services (NASDAQ:PRIM) Price Target to $90.00

Primoris Services (NASDAQ:PRIM) had its price objective upped by JPMorgan Chase & Co. from $88.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 25.36% from the stock’s current price.

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

Primoris Services Stock Performance

NASDAQ PRIM opened at $71.79 on Wednesday. Primoris Services has a fifty-two week low of $37.93 and a fifty-two week high of $90.86. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 23.77 and a beta of 1.14. The business has a fifty day moving average of $77.49 and a 200-day moving average of $69.76. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Primoris Services by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after buying an additional 82,261 shares during the period. Invesco Ltd. boosted its position in shares of Primoris Services by 27.5% in the fourth 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 during the period. Alliancebernstein L.P. boosted its position in shares of Primoris Services by 2,302.4% in the fourth quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after buying an additional 1,274,839 shares during the period. Geode Capital Management LLC boosted its position in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after buying an additional 15,070 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Primoris Services by 15.8% in the fourth quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after buying an additional 155,347 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.