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

Primoris Services Corp (NASDAQ:PRIM) has received an average recommendation of “Hold” from the six research firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $33.00.

Several equities research analysts have recently commented on PRIM shares. BidaskClub downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 19th. TheStreet downgraded shares of Primoris Services from a “b-” rating to a “c+” rating in a research report on Wednesday, December 26th. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Thursday, December 6th. Finally, ValuEngine downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Friday, December 21st.

NASDAQ:PRIM opened at $22.61 on Friday. The company has a quick ratio of 1.49, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.15 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.34 and a beta of 1.44. Primoris Services has a one year low of $17.82 and a one year high of $28.90.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Thursday, February 28th. The construction company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. The company had revenue of $877.67 million during the quarter, compared to the consensus estimate of $838.70 million. Primoris Services had a net margin of 2.64% and a return on equity of 13.91%. The firm’s revenue for the quarter was up 51.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. On average, equities analysts predict that Primoris Services will post 1.67 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Thursday, March 28th. Primoris Services’s payout ratio is 14.12%.

In other Primoris Services news, Director Brian Pratt sold 11,149 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $22.40, for a total value of $249,737.60. Following the completion of the sale, the director now directly owns 2,162,824 shares of the company’s stock, valued at approximately $48,447,257.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 286,572 shares of company stock valued at $6,622,896 over the last ninety days. 19.50% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of PRIM. BlackRock Inc. boosted its stake in Primoris Services by 2.8% in the fourth quarter. BlackRock Inc. now owns 2,839,156 shares of the construction company’s stock valued at $54,312,000 after acquiring an additional 76,820 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Primoris Services by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,394,104 shares of the construction company’s stock valued at $59,422,000 after acquiring an additional 35,145 shares during the last quarter. Macquarie Group Ltd. boosted its stake in Primoris Services by 2.0% in the fourth quarter. Macquarie Group Ltd. now owns 1,906,830 shares of the construction company’s stock valued at $36,478,000 after acquiring an additional 37,558 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in Primoris Services by 33.9% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,657,870 shares of the construction company’s stock valued at $31,715,000 after acquiring an additional 420,100 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Primoris Services by 11.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,534,253 shares of the construction company’s stock valued at $29,350,000 after acquiring an additional 159,258 shares during the last quarter. 75.94% of the stock is owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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