Primoris Services Corp. (PRIM) Sees Large Volume Increase
Primoris Services Corp. (NASDAQ:PRIM) saw an uptick in trading volume on Wednesday . 412,299 shares traded hands during trading, an increase of 15% from the previous session’s volume of 359,051 shares.The stock last traded at $19.52 and had previously closed at $19.60.
A number of brokerages have recently issued reports on PRIM. Avondale Partners reiterated an “outperform” rating on shares of Primoris Services Corp. in a report on Thursday, April 21st. Zacks Investment Research cut Primoris Services Corp. from a “hold” rating to a “sell” rating in a report on Wednesday. Seaport Global Securities reiterated a “neutral” rating on shares of Primoris Services Corp. in a report on Thursday, May 12th. Finally, Canaccord Genuity began coverage on Primoris Services Corp. in a report on Monday, April 11th. They set a “hold” rating and a $24.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $23.80.
The company has a market capitalization of $1.01 billion and a PE ratio of 26.77. The firm has a 50-day moving average price of $19.94 and a 200-day moving average price of $21.36.
Primoris Services Corp. (NASDAQ:PRIM) last posted its earnings results on Thursday, May 5th. The company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.01. During the same period in the previous year, the business earned $0.03 EPS. The company earned $430.40 million during the quarter, compared to analyst estimates of $423 million. Primoris Services Corp.’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that Primoris Services Corp. will post $1.16 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a dividend of $0.055 per share. The ex-dividend date is Tuesday, June 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.13%.
Several institutional investors recently bought and sold shares of PRIM. Eagle Asset Management increased its position in Primoris Services Corp. by 162.7% in the third quarter. Eagle Asset Management now owns 503,178 shares of the company’s stock valued at $9,010,000 after buying an additional 311,626 shares during the period. California State Teachers Retirement System increased its position in Primoris Services Corp. by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 71,876 shares of the company’s stock valued at $1,583,000 after buying an additional 1,255 shares during the period. Victory Capital Management Inc. increased its position in Primoris Services Corp. by 23.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,248,942 shares of the company’s stock valued at $27,514,000 after buying an additional 236,496 shares during the period. Finally, US Bancorp DE increased its position in Primoris Services Corp. by 19.0% in the fourth quarter. US Bancorp DE now owns 45,946 shares of the company’s stock valued at $1,012,000 after buying an additional 7,321 shares during the period.
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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