Primoris Services Corporation (PRIM) Given Consensus Recommendation of “Hold” by Analysts
Primoris Services Corporation (NASDAQ:PRIM) has received an average rating of “Hold” from the eleven research firms that are covering the firm, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $28.00.
Several analysts have recently issued reports on PRIM shares. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. Zacks Investment Research upgraded shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Saturday, October 14th. BidaskClub lowered shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research note on Wednesday, October 11th. Finally, TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th.
In related news, Director Brian Pratt sold 105,734 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now directly owns 9,646,585 shares of the company’s stock, valued at approximately $272,033,697. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the transaction, the chief financial officer now directly owns 43,346 shares in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 over the last three months. 24.00% of the stock is owned by insiders.
Several large investors have recently modified their holdings of PRIM. Bank of New York Mellon Corp boosted its holdings in shares of Primoris Services Corporation by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 252,806 shares of the construction company’s stock worth $5,870,000 after buying an additional 10,219 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Primoris Services Corporation by 13.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after buying an additional 595 shares during the last quarter. American International Group Inc. boosted its holdings in shares of Primoris Services Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock worth $576,000 after buying an additional 1,641 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Primoris Services Corporation by 8.3% in the 1st quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock worth $1,298,000 after buying an additional 4,300 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in shares of Primoris Services Corporation in the 1st quarter worth about $234,000. 69.70% of the stock is currently owned by institutional investors.
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Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The firm had revenue of $631.20 million during the quarter, compared to analyst estimates of $582.82 million. During the same quarter in the prior year, the business posted $0.10 EPS. The business’s revenue was up 38.2% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 14th. Stockholders of record on Friday, September 29th were paid a $0.055 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 0.78%. Primoris Services Corporation’s payout ratio is 23.40%.
About Primoris Services Corporation
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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