Primoris Services (PRIM) Cut to Sell at BidaskClub

Primoris Services (NASDAQ:PRIM) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other equities analysts also recently commented on PRIM. Seaport Global Securities restated a “buy” rating and set a $32.00 target price (up previously from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Zacks Investment Research downgraded Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Thursday, December 28th. KeyCorp reiterated a “hold” rating on shares of Primoris Services in a research report on Tuesday, September 19th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $31.67.

Primoris Services (NASDAQ PRIM) traded down $0.34 during trading on Friday, hitting $26.91. The company had a trading volume of 145,050 shares, compared to its average volume of 224,558. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41. The company has a market cap of $1,370.00, a P/E ratio of 21.70, a PEG ratio of 2.00 and a beta of 1.59. Primoris Services has a 1-year low of $21.83 and a 1-year high of $30.00.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The business had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. Primoris Services’s revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the company earned $0.09 EPS. sell-side analysts anticipate that Primoris Services will post 1.13 EPS for the current year.

In other news, Director Stephen C. Cook sold 3,980 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now owns 10,502 shares in the company, valued at $292,165.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO David Lee King sold 9,077 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $27.43, for a total value of $248,982.11. Following the sale, the chief executive officer now owns 6,242 shares of the company’s stock, valued at approximately $171,218.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,513 shares of company stock valued at $2,606,860. Corporate insiders own 24.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PRIM. Public Employees Retirement System of Ohio raised its position in shares of Primoris Services by 8.2% during the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after acquiring an additional 320 shares during the last quarter. First Quadrant L P CA raised its position in shares of Primoris Services by 109.4% during the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after acquiring an additional 2,276 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Primoris Services during the third quarter worth $138,000. BNP Paribas Arbitrage SA raised its position in shares of Primoris Services by 554.1% during the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after acquiring an additional 4,721 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Primoris Services by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after acquiring an additional 910 shares during the last quarter. 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.

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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