Zacks Investment Research cut shares of Primoris Services (NASDAQ:PRIM) from a buy rating to a hold rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “

Other analysts have also recently issued reports about the company. ValuEngine upgraded The Western Union from a sell rating to a hold rating in a report on Friday, March 22nd. BidaskClub upgraded Zai Lab from a buy rating to a strong-buy rating in a report on Friday, June 28th.

NASDAQ:PRIM opened at $20.65 on Wednesday. The company has a market capitalization of $1.05 billion, a PE ratio of 12.83, a P/E/G ratio of 1.21 and a beta of 1.55. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.41 and a current ratio of 1.41. The business’s 50-day moving average price is $19.62. Primoris Services has a 1-year low of $17.82 and a 1-year high of $28.75.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The company had revenue of $661.60 million for the quarter, compared to analysts’ expectations of $635.80 million. Primoris Services had a return on equity of 13.86% and a net margin of 2.54%. The business’s quarterly revenue was up 31.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.01 earnings per share. Equities analysts forecast that Primoris Services will post 1.7 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Thursday, June 27th. Primoris Services’s dividend payout ratio is currently 14.12%.

In related news, Director Brian Pratt sold 175,118 shares of Primoris Services stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $20.09, for a total value of $3,518,120.62. Following the transaction, the director now directly owns 1,887,896 shares of the company’s stock, valued at $37,927,830.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 574,928 shares of company stock worth $11,270,214. 13.80% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Divisar Capital Management LLC lifted its stake in shares of Primoris Services by 25.6% in the fourth quarter. Divisar Capital Management LLC now owns 270,145 shares of the construction company’s stock worth $5,168,000 after acquiring an additional 55,000 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Primoris Services in the fourth quarter worth approximately $201,000. Alpha Windward LLC acquired a new position in shares of Primoris Services in the first quarter worth approximately $458,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the first quarter worth approximately $112,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Primoris Services by 18.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,628 shares of the construction company’s stock worth $318,000 after acquiring an additional 2,626 shares during the period. 76.85% of the stock is currently owned by institutional investors.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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