Primoris Services Corp. (PRIM) Upgraded to “Buy” at Zacks Investment Research
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 firm presently has a $22.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 11.62% from the stock’s current price.
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 brokerages have also commented on PRIM. DA Davidson lowered shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. Seaport Global Securities raised shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and upped their price target for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $24.80.
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Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.71 on Wednesday. The stock’s 50 day moving average is $19.81 and its 200 day moving average is $20.37. 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 $1.02 billion, a PE ratio of 25.97 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing the 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 company had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. During the same period last year, the company posted $0.07 EPS. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. Equities research analysts expect that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.12%. Primoris Services Corp.’s dividend payout ratio (DPR) is presently 28.95%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. LaSalle Street Capital Management LLC increased its position in shares of 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 during the period. Anchor Capital Advisors LLC increased its position in shares of Primoris Services Corp. by 0.7% in the second quarter. Anchor Capital Advisors LLC now owns 47,903 shares of the company’s stock valued at $907,000 after buying an additional 346 shares during the period. American International Group Inc. increased its position in shares of Primoris Services Corp. by 2.0% in the second quarter. American International Group Inc. now owns 23,178 shares of the company’s stock valued at $439,000 after buying an additional 457 shares during the period. BlackRock Advisors LLC increased its position in shares of Primoris Services Corp. by 5.1% in the second quarter. BlackRock Advisors LLC now owns 18,889 shares of the company’s stock valued at $358,000 after buying an additional 915 shares during the period. Finally, Teacher Retirement System of Texas increased its position in shares of 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 valued at $109,000 after buying an additional 997 shares during the period. Institutional investors and hedge funds own 74.49% of the company’s stock.
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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