Primoris Services (PRIM) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research note released on Thursday morning.
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. “
A number of other equities analysts have also recently issued reports on PRIM. ValuEngine cut Primoris Services from a buy rating to a hold rating in a report on Wednesday, August 8th. BidaskClub upgraded Primoris Services from a sell rating to a hold rating in a report on Thursday, October 11th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $30.75.
Primoris Services (NASDAQ:PRIM) last issued its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The company had revenue of $908.90 million for the quarter, compared to analysts’ expectations of $789.90 million. During the same period last year, the business earned $0.40 EPS. Primoris Services’s quarterly revenue was up 49.4% compared to the same quarter last year. On average, equities research analysts forecast that Primoris Services will post 1.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend is Friday, December 28th. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.
In other news, CEO David Lee King sold 7,866 shares of the firm’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.44, for a total transaction of $200,111.04. Following the completion of the sale, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at approximately $158,796.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brian Pratt sold 725,003 shares of the firm’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the sale, the director now directly owns 6,946,451 shares of the company’s stock, valued at $174,633,778.14. The disclosure for this sale can be found here. 19.50% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in PRIM. Quantbot Technologies LP increased its holdings in Primoris Services by 161.5% in the 3rd quarter. Quantbot Technologies LP now owns 4,522 shares of the construction company’s stock worth $112,000 after acquiring an additional 2,793 shares during the last quarter. Jane Street Group LLC purchased a new stake in Primoris Services in the 2nd quarter worth about $202,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Primoris Services in the 3rd quarter worth about $348,000. Global X Management Co LLC increased its holdings in Primoris Services by 19.1% in the 2nd quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock worth $359,000 after acquiring an additional 2,114 shares during the last quarter. Finally, LaSalle Street Capital Management LLC purchased a new stake in Primoris Services in the 3rd quarter worth about $384,000. 77.42% of the stock is owned by hedge funds and other institutional investors.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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