Primoris Services (NASDAQ:PRIM) Sets New 52-Week High – Here’s Why

Primoris Services Co. (NASDAQ:PRIM)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $164.38 and last traded at $162.2050, with a volume of 804695 shares trading hands. The stock had previously closed at $160.54.

Analysts Set New Price Targets

PRIM has been the subject of several research analyst reports. The Goldman Sachs Group lifted 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. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. KeyCorp upped their price objective on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 price objective (down from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Finally, DA Davidson lifted their target price on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

Primoris Services Stock Up 1.0%

The stock has a fifty day moving average price of $136.93 and a two-hundred day moving average price of $128.00. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 53.71 and a beta of 1.37. 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 Activity

In other news, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the sale, the director directly owned 21,530 shares in the company, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This trade represents a 9.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Primoris Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. grew its holdings in shares of Primoris Services by 224.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock worth $29,000 after purchasing an additional 148 shares in the last quarter. Harbour Investments Inc. acquired a new position in Primoris Services in the fourth quarter valued at about $33,000. Osterweis Capital Management Inc. bought a new stake in Primoris Services during the second quarter worth about $34,000. Blue Bell Private Wealth Management LLC acquired a new stake in Primoris Services during the third quarter worth about $37,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Primoris Services during the third quarter worth about $37,000. 91.82% of the stock is owned by institutional investors and hedge funds.

About Primoris Services

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.