Primoris Services (PRIM) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research report released on Wednesday 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. “
Other analysts have also issued reports about the company. Canaccord Genuity reissued a buy rating and set a $30.00 target price on shares of Primoris Services in a report on Tuesday, November 7th. Seaport Global Securities reissued a buy rating and set a $32.00 target price (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. Finally, KeyCorp reissued a hold rating on shares of Primoris Services in a report on Tuesday, September 19th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $31.67.
Shares of Primoris Services (PRIM) remained flat at $$27.88 during midday trading on Wednesday. 354,100 shares of the company’s stock were exchanged, compared to its average volume of 227,793. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.41 and a current ratio of 1.49. Primoris Services has a 12-month low of $21.83 and a 12-month high of $30.00. The stock has a market capitalization of $1,434.39, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 2.32 and a beta of 1.59.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. The firm had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 EPS. sell-side analysts forecast that Primoris Services will post 1.2 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be issued a dividend of $0.06 per share. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Thursday, December 28th. Primoris Services’s dividend payout ratio is 17.60%.
In related news, Director Brian Pratt sold 225,000 shares of the firm’s stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $28.56, for a total value of $6,426,000.00. Following the sale, the director now directly owns 8,659,574 shares of the company’s stock, valued at $247,317,433.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the sale, the chief financial officer now directly owns 43,346 shares in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 588,664 shares of company stock worth $16,845,807. 24.00% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in PRIM. Teachers Advisors LLC boosted its stake in Primoris Services by 3.0% in the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock valued at $1,665,000 after buying an additional 2,065 shares in the last quarter. State Street Corp boosted its stake in Primoris Services by 4.2% in the first quarter. State Street Corp now owns 720,732 shares of the construction company’s stock valued at $16,735,000 after buying an additional 29,163 shares in the last quarter. Strs Ohio acquired a new stake in Primoris Services in the second quarter valued at about $226,000. Schwab Charles Investment Management Inc. boosted its stake in Primoris Services by 9.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 286,635 shares of the construction company’s stock valued at $7,149,000 after buying an additional 25,404 shares in the last quarter. Finally, Bar Harbor Trust Services acquired a new stake in Primoris Services in the second quarter valued at about $4,202,000. 70.46% of the stock is currently owned by institutional investors and hedge funds.
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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