Primoris Services (NASDAQ:PRIM) Hits New 52-Week Low - Time to Sell?

Primoris Services Co. (NASDAQ:PRIM - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $58.13 and last traded at $60.05, with a volume of 951364 shares traded. The stock had previously closed at $61.29.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PRIM shares. DA Davidson reaffirmed a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. KeyCorp decreased their target price on Primoris Services from $90.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective on the stock. Finally, Guggenheim reiterated a "buy" rating and set a $110.00 target price on shares of Primoris Services in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $84.75.

Primoris Services Price Performance

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 company's 50 day moving average is $61.14 and its 200-day moving average is $71.34. The stock has a market cap of $3.57 billion, a PE ratio of 21.91 and a beta of 1.33.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.48%. Primoris Services's dividend payout ratio is currently 9.64%.

Insider Activity

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the sale, the insider now owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares of the company's stock, valued at $2,999,623.60. This represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,888 shares of company stock valued at $4,310,043. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new position in Primoris Services in the 4th quarter worth about $27,000. Versant Capital Management Inc grew its position in shares of Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after purchasing an additional 347 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares during the last quarter. Sound Income Strategies LLC bought a new stake in Primoris Services during the 1st quarter valued at approximately $45,000. Finally, Principal Securities Inc. grew its holdings in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

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.