Primoris Services (PRIM) Lowered to “Strong Sell” at BidaskClub

Primoris Services (NASDAQ:PRIM) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday.

Several other brokerages have also recently weighed in on PRIM. Zacks Investment Research cut shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price target on shares of Primoris Services in a research note on Tuesday, November 7th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $32.00 price target (up from $29.00) on shares of Primoris Services in a research note on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Primoris Services presently has a consensus rating of “Hold” and an average price target of $31.67.

Primoris Services (PRIM) opened at $26.33 on Friday. The firm has a market cap of $1,346.41, a P/E ratio of 21.06, a PEG ratio of 1.92 and a beta of 1.59. Primoris Services has a 52 week low of $21.83 and a 52 week 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 issued its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. The company had revenue of $608.31 million during the quarter, compared to analysts’ expectations of $588.19 million. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period last year, the business earned $0.09 EPS. equities research analysts predict that Primoris Services will post 1.13 earnings per share for the current fiscal year.

In related news, Director Stephen C. Cook sold 3,980 shares of the firm’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total value of $110,723.60. Following the completion of the transaction, the director now directly owns 10,502 shares of the company’s stock, valued at $292,165.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schauerman sold 29,456 shares of the firm’s stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $28.76, for a total transaction of $847,154.56. The disclosure for this sale can be found here. Insiders sold 92,513 shares of company stock valued at $2,606,860 over the last three months. 24.00% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in PRIM. Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares in the last quarter. First Quadrant L P CA grew its stake in shares of Primoris Services by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after buying an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Primoris Services in the third quarter valued at $138,000. BNP Paribas Arbitrage SA grew its stake in shares of Primoris Services by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in 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 purchasing an additional 910 shares during the period. 70.46% of the stock is owned by institutional investors and hedge funds.

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About Primoris Services

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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