Primoris Services Corp. (PRIM) Upgraded by Zacks Investment Research to Buy
Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $22.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 11.62% from the company’s previous close.
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 research analysts also recently issued reports on the stock. Seaport Global Securities upgraded shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. DA Davidson downgraded shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research 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 company’s stock. Primoris Services Corp. has an average rating of “Buy” and an average price target of $24.80.
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Primoris Services Corp. (NASDAQ:PRIM) opened at 19.71 on Wednesday. The company has a 50-day moving average price of $19.81 and a 200-day moving average price of $20.37. Primoris Services Corp. has a 1-year low of $16.13 and a 1-year high of $25.25. The firm has a market capitalization of $1.02 billion, a P/E ratio of 25.97 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last posted its earnings results 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 return on equity of 8.14% and a net margin of 2.03%. The business had revenue of $456.81 million for the quarter, compared to the consensus estimate of $516.76 million. During the same period in the previous year, the firm earned $0.07 earnings per share. The company’s revenue was down 5.5% compared to the same quarter last year. On average, equities research analysts predict that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.055 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.12%. Primoris Services Corp.’s payout ratio is presently 28.95%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock worth $109,000 after buying an additional 997 shares during the last quarter. First Mercantile Trust Co. increased its position in Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock worth $115,000 after buying an additional 1,209 shares during the last quarter. GSA Capital Partners LLP bought a new position in Primoris Services Corp. during the second quarter worth about $198,000. Paloma Partners Management Co bought a new position in Primoris Services Corp. during the second quarter worth about $200,000. Finally, AQR Capital Management LLC bought a new position in Primoris Services Corp. during the second quarter worth about $243,000. Institutional investors own 74.49% of the company’s stock.
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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