Primoris Services Corp. (PRIM) Shares Down 2%
Primoris Services Corp. (NASDAQ:PRIM) shares dropped 2% during trading on Friday . The stock traded as low as $17.95 and last traded at $17.97, with a volume of 100,477 shares traded. The stock had previously closed at $18.33.
PRIM has been the topic of several recent analyst reports. Zacks Investment Research raised Primoris Services Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, May 10th. Canaccord Genuity restated a “hold” rating on shares of Primoris Services Corp. in a research report on Friday, May 6th. Seaport Global Securities restated a “neutral” rating on shares of Primoris Services Corp. in a research report on Thursday, May 12th. Finally, Avondale Partners restated an “outperform” rating on shares of Primoris Services Corp. in a research report on Thursday, April 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $25.00.
The company’s 50 day moving average is $19.42 and its 200 day moving average is $21.20. The company has a market cap of $935.00 million and a price-to-earnings ratio of 24.74.
Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by $0.01. The company earned $430.40 million during the quarter, compared to analysts’ expectations of $423 million. The business’s revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 earnings per share. On average, equities research analysts forecast that Primoris Services Corp. will post $1.15 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Tuesday, June 28th. This represents a $0.22 annualized dividend and a yield of 1.22%.
Other hedge funds and institutional investors recently modified their holdings of the company. US Bancorp DE boosted its position in shares of 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. California State Teachers Retirement System boosted its position in shares of 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. Eagle Asset Management boosted its position in shares of 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. Finally, Victory Capital Management Inc. boosted its position in shares of 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.
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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