Primoris Services (PRIM) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research report released on Thursday.
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. “
Several other analysts also recently weighed in on PRIM. Seaport Global Securities restated a buy rating and issued a $32.00 price objective (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. Canaccord Genuity restated a buy rating and issued a $30.00 price objective on shares of Primoris Services in a report on Tuesday, November 7th. Finally, BidaskClub downgraded Primoris Services from a hold rating to a sell rating in a report on Saturday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $31.67.
Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.09. The firm had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. analysts predict that Primoris Services will post 1.13 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, January 15th. Shareholders of record on Friday, December 29th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.90%. The ex-dividend date was Thursday, December 28th. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is 19.20%.
In other Primoris Services news, Director John P. Schauerman sold 29,456 shares of Primoris Services stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $28.76, for a total value of $847,154.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Lee King sold 9,077 shares of Primoris Services stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $27.43, for a total value of $248,982.11. Following the completion of the transaction, the chief executive officer now owns 6,242 shares in the company, valued at approximately $171,218.06. The disclosure for this sale can be found here. Insiders sold 92,513 shares of company stock worth $2,606,860 in the last quarter. 24.00% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Alambic Investment Management L.P. grew its stake in Primoris Services by 107.0% in the fourth quarter. Alambic Investment Management L.P. now owns 17,800 shares of the construction company’s stock valued at $484,000 after purchasing an additional 9,200 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Primoris Services by 105.7% during the 4th quarter. Bessemer Group Inc. now owns 43,000 shares of the construction company’s stock worth $1,169,000 after purchasing an additional 22,100 shares in the last quarter. Cigna Investments Inc. New acquired a new position in shares of Primoris Services during the 4th quarter worth approximately $373,000. First Quadrant L P CA grew its position in shares of Primoris Services by 205.3% during the 4th quarter. First Quadrant L P CA now owns 13,300 shares of the construction company’s stock worth $362,000 after purchasing an additional 8,944 shares in the last quarter. Finally, James Investment Research Inc. acquired a new position in shares of Primoris Services during the 4th quarter worth approximately $2,652,000. Institutional investors own 70.36% of the company’s stock.
About Primoris Services
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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