KeyCorp Reiterates Hold Rating for Primoris Services Corporation (PRIM)
Primoris Services Corporation (NASDAQ:PRIM)‘s stock had its “hold” rating reiterated by investment analysts at KeyCorp in a research note issued to investors on Tuesday.
Other equities research analysts also recently issued research reports about the company. TheStreet upgraded Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Canaccord Genuity lifted their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Zacks Investment Research upgraded Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Saturday, July 15th. Finally, BidaskClub upgraded Primoris Services Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $27.00.
Primoris Services Corporation (PRIM) opened at 28.52 on Tuesday. Primoris Services Corporation has a one year low of $18.71 and a one year high of $30.00. The firm has a 50-day moving average price of $27.08 and a 200-day moving average price of $24.69. The firm has a market cap of $1.47 billion, a PE ratio of 31.03 and a beta of 1.56.
Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The business had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same quarter last year, the business posted $0.10 earnings per share. The company’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, equities analysts expect that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.
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In other news, Director Brian Pratt sold 105,734 shares of Primoris Services Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now owns 9,646,585 shares in the company, valued at $272,033,697. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders sold 1,215,078 shares of company stock worth $34,384,543. Company insiders own 24.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Lord Abbett & CO. LLC grew its stake in shares of Primoris Services Corporation by 4.3% in the second quarter. Lord Abbett & CO. LLC now owns 1,352,384 shares of the construction company’s stock worth $33,728,000 after purchasing an additional 56,002 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Primoris Services Corporation in the second quarter worth about $1,410,000. Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services Corporation by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares during the last quarter. Susquehanna International Group LLP grew its stake in shares of Primoris Services Corporation by 193.8% in the second quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock worth $2,886,000 after purchasing an additional 76,335 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Primoris Services Corporation by 6.4% in the second quarter. State Street Corp now owns 766,590 shares of the construction company’s stock worth $19,115,000 after purchasing an additional 45,858 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.
About Primoris Services Corporation
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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