Primoris Services Corp (PRIM) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Primoris Services Corp (NASDAQ:PRIM) have been given a consensus rating of “Hold” by the seven analysts that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $31.00.

PRIM has been the subject of several analyst reports. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Saturday, October 14th. 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. Finally, BidaskClub lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th.

Shares of Primoris Services (NASDAQ:PRIM) opened at $24.20 on Friday. The company has a market capitalization of $1,218.82, a price-to-earnings ratio of 19.36, a P/E/G ratio of 1.74 and a beta of 1.29. Primoris Services has a fifty-two week low of $21.83 and a fifty-two week high of $30.00. The company has a current ratio of 1.49, a quick ratio of 1.41 and a debt-to-equity ratio of 0.36.

In related news, CEO David Lee King sold 9,077 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 6,242 shares in the company, valued at approximately $171,218.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John P. Schauerman sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. The disclosure for this sale can be found here. Insiders sold a total of 63,057 shares of company stock valued at $1,759,706 over the last quarter. 24.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its position in shares of 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. First Quadrant L P CA grew its position in shares of Primoris Services by 109.4% in the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after purchasing an additional 2,276 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Primoris Services in the 3rd quarter valued at approximately $138,000. SG Americas Securities LLC acquired a new position in shares of Primoris Services in the 3rd quarter valued at approximately $152,000. Finally, Citigroup Inc. grew its position in shares of Primoris Services by 356.6% in the 2nd quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock valued at $161,000 after purchasing an additional 5,049 shares during the period. Institutional investors and hedge funds own 70.42% of the company’s stock.

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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.

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