Primoris Services Corp. (PRIM) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Primoris Services Corp. (NASDAQ:PRIM) from a hold rating to a buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $22.00 price objective on the stock.
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. “
Several other brokerages have also recently weighed in on PRIM. Seaport Global Securities raised Primoris Services Corp. from a neutral rating to a buy rating and upped their price target for the stock from $20.00 to $24.00 in a research note on Thursday, August 25th. DA Davidson cut Primoris Services Corp. from a buy rating to a neutral rating in a research note on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) traded down 0.41% during trading on Wednesday, reaching $19.41. The company’s stock had a trading volume of 6,365 shares. The firm has a market cap of $1.01 billion, a P/E ratio of 25.57 and a beta of 1.69. The stock’s 50 day moving average is $19.86 and its 200 day moving average is $20.33. Primoris Services Corp. has a one year low of $16.13 and a one year high of $25.25.
Primoris Services Corp. (NASDAQ:PRIM) last announced its earnings results on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The business had revenue of $456.81 million for the quarter, compared to the consensus estimate of $516.76 million. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. Primoris Services Corp.’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 EPS. On average, equities analysts forecast that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders 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 dividend yield of 1.13%. The ex-dividend date was Wednesday, September 28th. Primoris Services Corp.’s payout ratio is currently 28.95%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its position in shares of Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock worth $109,000 after buying an additional 997 shares during the last quarter. First Mercantile Trust Co. increased its position in shares of Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock worth $115,000 after buying an additional 1,209 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Primoris Services Corp. during the second quarter worth $198,000. Paloma Partners Management Co purchased a new position in Primoris Services Corp. during the second quarter worth $200,000. Finally, AQR Capital Management LLC purchased a new position in Primoris Services Corp. during the second quarter worth $243,000. 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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