Primoris Services Corp. (PRIM) Stock Rating Upgraded by Zacks Investment Research
Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “
A number of other brokerages also recently weighed in on PRIM. Seaport Global Securities raised shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.00 to $24.00 in a research note on Thursday, August 25th. DA Davidson downgraded shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Primoris Services Corp. presently has an average rating of “Hold” and a consensus price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 20.59 on Thursday. Primoris Services Corp. has a 12-month low of $16.13 and a 12-month high of $25.25. The company has a 50 day moving average of $19.68 and a 200-day moving average of $20.46. The company has a market cap of $1.07 billion, a PE ratio of 27.13 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last announced its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The business had revenue of $456.81 million for the quarter, compared to the consensus estimate of $516.76 million. During the same period in the prior year, the business posted $0.07 EPS. Primoris Services Corp.’s revenue for the quarter was down 5.5% on a year-over-year basis. Equities research analysts anticipate that Primoris Services Corp. will post $0.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Wednesday, September 28th. Primoris Services Corp.’s payout ratio is 28.95%.
Several large investors have recently bought and sold shares of the stock. Capital Fund Management S.A. purchased a new stake in Primoris Services Corp. during the second quarter worth approximately $854,000. CIBC World Markets Inc. boosted its stake in Primoris Services Corp. by 3.2% in the second quarter. CIBC World Markets Inc. now owns 315,076 shares of the company’s stock worth $5,964,000 after buying an additional 9,800 shares during the last quarter. Van Berkom & Associates Inc. boosted its stake in Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock worth $42,100,000 after buying an additional 262,147 shares during the last quarter. LaSalle Street Capital Management LLC boosted its stake in Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock worth $375,000 after buying an additional 327 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its stake in Primoris Services Corp. by 3.6% in the second quarter. Eagle Asset Management Inc. now owns 155,719 shares of the company’s stock worth $2,947,000 after buying an additional 5,468 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.
Primoris Services Corp. Company Profile
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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