Primoris Services (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

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 research analysts have also weighed in on the company. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price target on shares of Primoris Services in a research report on Tuesday, November 7th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services in a research report on Tuesday, September 19th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price target (up previously from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $31.67.

Primoris Services (PRIM) opened at $27.88 on Wednesday. The firm has a market capitalization of $1,437.99, a P/E ratio of 23.89, a price-to-earnings-growth ratio of 2.33 and a beta of 1.59. Primoris Services has a 1 year low of $21.83 and a 1 year high of $30.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.41 and a current ratio of 1.49.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The firm had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 EPS. sell-side analysts forecast that Primoris Services will post 1.2 earnings per share for the current fiscal year.

In other news, Director Brian Pratt sold 225,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $28.56, for a total transaction of $6,426,000.00. Following the completion of the transaction, the director now directly owns 8,659,574 shares in the company, valued at approximately $247,317,433.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the transaction, the chief financial officer now owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders have sold a total of 588,664 shares of company stock valued at $16,845,807 over the last quarter. 24.00% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares during the period. Victory Capital Management Inc. boosted its stake in Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after purchasing an additional 910 shares during the period. Northern Trust Corp boosted its stake in Primoris Services by 0.3% in the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock valued at $12,874,000 after purchasing an additional 1,657 shares during the period. Voya Investment Management LLC boosted its stake in Primoris Services by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock valued at $500,000 after purchasing an additional 1,927 shares during the period. Finally, American International Group Inc. boosted its stake in Primoris Services by 8.1% in the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock valued at $778,000 after purchasing an additional 1,978 shares during the period. Institutional investors own 70.46% of the company’s stock.

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Primoris Services 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. 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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Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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