Primoris Services Corp. (PRIM) Rating Reiterated by Canaccord Genuity
Primoris Services Corp. (NASDAQ:PRIM)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity in a research report issued on Wednesday.
PRIM has been the topic of a number of other research reports. Zacks Investment Research raised Primoris Services Corp. from a “strong sell” rating to a “hold” rating in a report on Thursday, October 6th. 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. Finally, DA Davidson lowered Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $24.80.
Primoris Services Corp. (NASDAQ:PRIM) traded down 1.12% during midday trading on Wednesday, hitting $19.49. The company had a trading volume of 277,630 shares. The stock has a market cap of $1.01 billion, a PE ratio of 25.68 and a beta of 1.70. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The stock’s 50-day moving average price is $19.81 and its 200-day moving average price is $20.37.
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Primoris Services Corp. (NASDAQ:PRIM) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The business earned $456.81 million during the quarter, compared to analysts’ expectations of $516.76 million. During the same period in the prior year, the firm posted $0.07 EPS. Primoris Services Corp.’s revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities research analysts expect that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio (DPR) is 28.95%.
Several large investors have recently made changes to their positions in the company. Loomis Sayles & Co. L P purchased a new stake in shares of Primoris Services Corp. during the first quarter valued at approximately $19,955,000. Emerald Acquisition Ltd. purchased a new stake in shares of Primoris Services Corp. during the second quarter valued at approximately $9,209,000. Van Berkom & Associates Inc. raised its stake in shares of 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 during the period. Frontier Capital Management Co. LLC raised its stake in shares of Primoris Services Corp. by 19.1% in the second quarter. Frontier Capital Management Co. LLC now owns 1,439,585 shares of the company’s stock valued at $27,251,000 after buying an additional 230,615 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Primoris Services Corp. by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,163 shares of the company’s stock valued at $37,919,000 after buying an additional 149,869 shares during the period. 74.49% of the stock is currently owned by institutional investors and hedge funds.
About Primoris Services Corp.
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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