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

Primoris Services (NASDAQ:PRIM) had its price target upped by research analysts at JPMorgan Chase & Co. from $88.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 24.02% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. KeyCorp assumed coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. The Goldman Sachs Group increased their price objective on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $91.83.

Primoris Services Price Performance

Shares of NASDAQ:PRIM traded up $2.06 during trading on Wednesday, hitting $72.57. 291,879 shares of the company were exchanged, compared to its average volume of 803,063. Primoris Services has a 1-year low of $37.00 and a 1-year 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 has a market capitalization of $3.90 billion, a P/E ratio of 23.96 and a beta of 1.14. The business’s 50 day moving average is $77.76 and its 200-day moving average is $69.72.

Insider Activity

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 directly owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Large investors have recently added to or reduced their stakes in the company. Quest Partners LLC grew its stake in Primoris Services by 1,945.8% during the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock valued at $943,000 after acquiring an additional 15,450 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after purchasing an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. grew its position in shares of Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock worth $378,000 after buying an additional 6,487 shares in the last quarter. AMI Asset Management Corp raised its position in shares of Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after acquiring an additional 6,350 shares in the last quarter. Finally, Congress Asset Management Co. purchased a new stake in Primoris Services during the fourth quarter valued at approximately $48,851,000. 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.