KeyCorp Issues Pessimistic Forecast for Primoris Services (NASDAQ:PRIM) Stock Price

Primoris Services (NASDAQ:PRIM - Get Free Report) had its target price cut by research analysts at KeyCorp from $90.00 to $67.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. KeyCorp's price objective would suggest a potential upside of 24.88% from the stock's current price.

PRIM has been the topic of a number of other research reports. Guggenheim restated a "buy" rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. Jefferies Financial Group assumed coverage on Primoris Services in a research note on Tuesday, March 11th. They issued a "buy" rating and a $73.00 price objective for the company. DA Davidson reiterated a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their target price 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. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $75.00 price target for the company. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $84.75.

Primoris Services Price Performance

Shares of Primoris Services stock traded down $2.80 during midday trading on Wednesday, hitting $53.65. 210,384 shares of the company traded hands, compared to its average volume of 718,176. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 17.76 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm's fifty day moving average price is $63.30 and its 200-day moving average price is $71.47. Primoris Services has a 12 month low of $43.57 and a 12 month high of $90.86.

Insider Buying and Selling

In other news, insider Jeremy Kinch sold 4,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the sale, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last quarter. Insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System grew its stake in shares of Primoris Services by 0.8% in the 4th quarter. Arizona State Retirement System now owns 15,577 shares of the construction company's stock valued at $1,190,000 after buying an additional 131 shares during the period. PNC Financial Services Group Inc. raised its holdings in Primoris Services by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,611 shares of the construction company's stock worth $505,000 after buying an additional 268 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Primoris Services by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 5,317 shares of the construction company's stock valued at $406,000 after buying an additional 268 shares during the last quarter. Summit Investment Advisors Inc. increased its position in shares of Primoris Services by 5.9% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,592 shares of the construction company's stock worth $427,000 after acquiring an additional 313 shares in the last quarter. Finally, Principal Securities Inc. lifted its position 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 acquiring an additional 343 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

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.