Primoris Services (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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 equities research analysts also recently issued reports on PRIM. Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price target (up previously from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a report on Tuesday, September 19th. Finally, 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. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $31.67.
Shares of Primoris Services (NASDAQ:PRIM) traded down $0.68 during trading on Wednesday, reaching $27.20. The company’s stock had a trading volume of 222,500 shares, compared to its average volume of 227,771. Primoris Services has a fifty-two week low of $21.83 and a fifty-two week high of $30.00. The firm has a market cap of $1,434.39, a P/E ratio of 23.83, a price-to-earnings-growth ratio of 2.32 and a beta of 1.59. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.09. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The business had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. During the same quarter last year, the firm posted $0.09 EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis. sell-side analysts expect that Primoris Services will post 1.2 EPS for the current year.
In related news, Director Brian Pratt sold 225,000 shares of the business’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 completion of the transaction, the director now 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 SEC, which can be accessed through the SEC website. Also, CEO David Lee King sold 9,077 shares of the business’s 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 directly owns 6,242 shares of the company’s stock, valued at approximately $171,218.06. The disclosure for this sale can be found here. Insiders have sold 342,355 shares of company stock valued at $9,785,641 in the last three months. Insiders own 24.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its stake in Primoris Services by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares in the last quarter. First Quadrant L P CA raised its stake in Primoris Services by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after purchasing an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Primoris Services in the third quarter valued at about $138,000. SG Americas Securities LLC acquired a new position in Primoris Services in the third quarter valued at about $152,000. Finally, BNP Paribas Arbitrage SA raised its stake in Primoris Services by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after purchasing an additional 4,721 shares in the last quarter. 70.46% of the stock is owned by institutional investors and hedge funds.
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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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