Zacks Investment Research Downgrades Primoris Services Corp. (PRIM) to Hold
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. “
PRIM has been the subject of several other research reports. Canaccord Genuity restated a hold rating on shares of Primoris Services Corp. in a research note on Wednesday. Seaport Global Securities raised Primoris Services Corp. from a neutral rating to a buy rating and upped their price objective for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. Finally, DA Davidson lowered Primoris Services Corp. from a buy rating to a neutral rating in a report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Primoris Services Corp. has a consensus rating of Hold and an average target price of $24.80.
Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Friday. Primoris Services Corp. has a 12-month low of $16.13 and a 12-month high of $25.25. The stock’s 50 day moving average price is $19.86 and its 200 day moving average price is $20.33. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 25.68 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The company had revenue of $456.81 million for the quarter, compared to analysts’ expectations of $516.76 million. During the same quarter last year, the company earned $0.07 EPS. Primoris Services Corp.’s revenue for the quarter was down 5.5% compared to the same quarter last year. Analysts forecast that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio is presently 28.95%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of Primoris Services Corp. by 5.2% in the first quarter. Wellington Management Group LLP now owns 2,677,601 shares of the company’s stock worth $65,065,000 after buying an additional 133,143 shares in the last quarter. BlackRock Inc. raised its position in shares of Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Primoris Services Corp. by 4.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,153 shares of the company’s stock worth $23,793,000 after buying an additional 42,811 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Primoris Services Corp. during the second quarter worth $533,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of Primoris Services Corp. during the first quarter worth $19,955,000. 74.49% of the stock is currently owned by hedge funds and other institutional investors.
About Primoris Services Corp.
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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