Primoris Services Corporation (NYSE:PRIM) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Primoris Services Corporation (NYSE:PRIM) have been assigned a consensus rating of “Moderate Buy” from the seventeen ratings firms that are covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $123.47.

A number of brokerages have recently commented on PRIM. Guggenheim reduced their target price on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Needham & Company LLC cut their target price on shares of Primoris Services from $188.00 to $172.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Roth Capital restated a “buy” rating and issued a $100.00 price target on shares of Primoris Services in a report on Monday, July 20th. Zacks Research upgraded shares of Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Finally, Weiss Ratings cut Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, August 6th.

Primoris Services Trading Up 0.8%

NYSE PRIM opened at $72.74 on Friday. The stock has a market cap of $3.92 billion, a PE ratio of 28.53 and a beta of 1.44. Primoris Services has a 12 month low of $65.00 and a 12 month high of $205.50. The company’s 50-day moving average price is $76.69 and its 200-day moving average price is $101.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. During the same quarter last year, the business posted $1.68 EPS. Equities research analysts forecast that Primoris Services will post 1.77 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.08 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Primoris Services’s payout ratio is currently 12.55%.

Institutional Trading of Primoris Services

Institutional investors have recently modified their holdings of the company. Global Retirement Partners LLC purchased a new stake in shares of Primoris Services during the 2nd quarter valued at $26,000. Root Financial Partners LLC boosted its position in shares of Primoris Services by 43.1% in the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after purchasing an additional 69 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in shares of Primoris Services in the 2nd quarter worth $36,000. Osterweis Capital Management Inc. purchased a new position in Primoris Services during the 2nd quarter worth $43,000. Finally, GAMMA Investing LLC grew its stake in Primoris Services by 128.9% during the 3rd quarter. GAMMA Investing LLC now owns 815 shares of the company’s stock worth $61,000 after buying an additional 459 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.