Primoris Services (PRIM) Upgraded at DA Davidson
DA Davidson upgraded shares of Primoris Services (NASDAQ:PRIM) from a neutral rating to a buy rating in a report released on Wednesday, Marketbeat.com reports. DA Davidson also issued estimates for Primoris Services’ Q1 2018 earnings at $0.00 EPS, Q2 2018 earnings at $0.41 EPS, Q4 2018 earnings at $0.58 EPS, FY2018 earnings at $1.60 EPS and FY2019 earnings at $1.87 EPS.
Other equities research analysts also recently issued research reports about the company. Canaccord Genuity reaffirmed a buy rating and set a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Stephens reaffirmed a hold rating and set a $28.00 price objective on shares of Primoris Services in a research report on Tuesday. Zacks Investment Research raised Primoris Services from a sell rating to a hold rating in a research report on Thursday, February 1st. Finally, BidaskClub downgraded Primoris Services from a hold rating to a sell rating in a research report on Saturday, January 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Primoris Services presently has an average rating of Buy and an average target price of $29.50.
Shares of Primoris Services (NASDAQ PRIM) traded up $0.67 during mid-day trading on Wednesday, reaching $26.11. The company had a trading volume of 593,936 shares, compared to its average volume of 340,796. Primoris Services has a 12 month low of $21.83 and a 12 month high of $30.00. The company has a market capitalization of $1,310.96, a P/E ratio of 18.52, a P/E/G ratio of 1.67 and a beta of 1.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.41 and a current ratio of 1.55.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, March 28th. Primoris Services’s dividend payout ratio (DPR) is presently 17.02%.
In other Primoris Services news, Director John P. Schauerman sold 50,000 shares of the stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $28.00, for a total value of $1,400,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Thomas Edward Mccormick purchased 5,266 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $20.87 per share, with a total value of $109,901.42. Following the completion of the purchase, the chief operating officer now owns 9,045 shares of the company’s stock, valued at approximately $188,769.15. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 16,327 shares of company stock valued at $340,744. 24.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in PRIM. American Century Companies Inc. raised its stake in shares of Primoris Services by 750.3% in the fourth quarter. American Century Companies Inc. now owns 243,431 shares of the construction company’s stock worth $6,619,000 after purchasing an additional 214,802 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Primoris Services in the fourth quarter worth about $4,267,000. BlackRock Inc. raised its stake in shares of Primoris Services by 5.6% in the fourth quarter. BlackRock Inc. now owns 2,523,501 shares of the construction company’s stock worth $68,614,000 after purchasing an additional 133,239 shares during the last quarter. QS Investors LLC raised its stake in shares of Primoris Services by 187,367.7% in the fourth quarter. QS Investors LLC now owns 116,230 shares of the construction company’s stock worth $3,160,000 after purchasing an additional 116,168 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Primoris Services by 242.1% in the third quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock worth $4,800,000 after purchasing an additional 115,450 shares during the last quarter. Institutional investors own 69.74% of the company’s stock.
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Primoris Services Company Profile
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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