Primoris Services Corp.’s (PRIM) “Hold” Rating Reaffirmed at Canaccord Genuity
Primoris Services Corp. (NASDAQ:PRIM)‘s stock had its “hold” rating reaffirmed by equities researchers at Canaccord Genuity in a research report issued to clients and investors on Wednesday.
Several other research analysts also recently commented on PRIM. DA Davidson downgraded Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Zacks Investment Research downgraded Primoris Services Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Finally, Seaport Global Securities upgraded Primoris Services Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $24.00 in a 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 company. The stock presently has an average rating of “Buy” and a consensus price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) traded down 1.12% during midday trading on Wednesday, hitting $19.49. The company had a trading volume of 277,427 shares. Primoris Services Corp. has a 52 week low of $16.13 and a 52 week high of $25.25. The company has a market capitalization of $1.01 billion, a P/E ratio of 25.68 and a beta of 1.70. The firm’s 50 day moving average is $19.81 and its 200 day moving average is $20.37.
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Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.12. The company earned $456.81 million during the quarter, compared to analysts’ expectations of $516.76 million. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 EPS. Equities research analysts anticipate that Primoris Services Corp. will post $0.75 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued 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 yield of 1.13%. Primoris Services Corp.’s dividend payout ratio is presently 28.95%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRIM. BlackRock Inc. increased its position in Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Primoris Services Corp. by 4.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,153 shares of the company’s stock worth $23,793,000 after buying an additional 42,811 shares during the period. Value Holdings LP increased its position in Primoris Services Corp. by 0.6% in the first quarter. Value Holdings LP now owns 332,350 shares of the company’s stock worth $8,076,000 after buying an additional 2,000 shares during the period. Goldman Sachs Group Inc. increased its position in Primoris Services Corp. by 255.0% in the first quarter. Goldman Sachs Group Inc. now owns 51,106 shares of the company’s stock worth $1,242,000 after buying an additional 36,711 shares during the period. Finally, Loomis Sayles & Co. L P purchased a new position in Primoris Services Corp. during the first quarter worth $19,955,000. Institutional investors 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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