Primoris Services Corp. (PRIM) Lifted to Hold at Zacks Investment Research
Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors 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. “
A number of other equities research analysts also recently weighed in on PRIM. DA Davidson downgraded Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Seaport Global Securities raised Primoris Services Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $24.00 in a report on Thursday, August 25th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $24.80.
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Shares of Primoris Services Corp. (NASDAQ:PRIM) traded down 1.67% during trading on Thursday, hitting $20.59. The stock had a trading volume of 218,765 shares. Primoris Services Corp. has a 52 week low of $16.13 and a 52 week high of $25.25. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 27.13 and a beta of 1.70. The stock’s 50 day moving average is $19.68 and its 200 day moving average is $20.46.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The company had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 earnings per share. On average, equities research analysts expect that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend is Wednesday, September 28th. Primoris Services Corp.’s payout ratio is currently 28.95%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Fund Management S.A. purchased a new position in Primoris Services Corp. during the second quarter valued at about $854,000. CIBC World Markets Inc. increased its position in Primoris Services Corp. by 3.2% in the second quarter. CIBC World Markets Inc. now owns 315,076 shares of the company’s stock valued at $5,964,000 after buying an additional 9,800 shares in the last quarter. Van Berkom & Associates Inc. increased its position in Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock valued at $42,100,000 after buying an additional 262,147 shares in the last quarter. LaSalle Street Capital Management LLC increased its position in Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock valued at $375,000 after buying an additional 327 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its position in Primoris Services Corp. by 3.6% in the second quarter. Eagle Asset Management Inc. now owns 155,719 shares of the company’s stock valued at $2,947,000 after buying an additional 5,468 shares in the last quarter. 74.49% of the stock is currently owned by institutional investors and hedge funds.
Primoris Services Corp. 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. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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