Primoris Services (NASDAQ:PRIM) Shares Gap Down – What’s Next?

Primoris Services Co. (NASDAQ:PRIM)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $67.17, but opened at $63.89. Primoris Services shares last traded at $64.38, with a volume of 73,169 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. KeyCorp assumed coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Primoris Services has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Stock Down 1.7 %

The company has a market cap of $3.41 billion, a P/E ratio of 21.04 and a beta of 1.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s 50 day moving average price is $74.06 and its 200-day moving average price is $71.02.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of Primoris Services stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. This trade represents a 11.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now directly owns 12,586 shares in the company, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Institutional Trading of Primoris Services

Hedge funds have recently bought and sold shares of the stock. QRG Capital Management Inc. raised its holdings in Primoris Services by 6.1% during the 4th quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company’s stock worth $6,187,000 after buying an additional 4,623 shares during the period. Quest Partners LLC raised its holdings in Primoris Services by 1,945.8% during the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after buying an additional 15,450 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after buying an additional 22,223 shares during the period. Benjamin Edwards Inc. raised its holdings in 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 during the period. Finally, AMI Asset Management Corp raised its holdings in Primoris Services by 50.0% during the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock worth $1,456,000 after buying an additional 6,350 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Primoris Services Company Profile

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.