Primoris Services Corporation (NASDAQ:PRIM) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Thursday.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity boosted their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. Zacks Investment Research upgraded Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research note on Saturday, July 15th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $26.40.

Primoris Services Corporation (PRIM) traded down 0.81% during trading on Thursday, reaching $25.73. The company had a trading volume of 31,393 shares. The firm’s 50 day moving average is $24.88 and its 200-day moving average is $24.13. Primoris Services Corporation has a 12 month low of $17.21 and a 12 month high of $29.19. The company has a market capitalization of $1.32 billion, a P/E ratio of 28.00 and a beta of 1.58.

Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. The company had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $582.82 million. Primoris Services Corporation had a return on equity of 11.44% and a net margin of 2.09%. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. On average, equities analysts expect that Primoris Services Corporation will post $1.18 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC World Markets Inc. boosted its position in Primoris Services Corporation by 1.9% in the second quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after buying an additional 6,000 shares during the period. JPMorgan Chase & Co. boosted its position in Primoris Services Corporation by 2,368.0% in the second quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock valued at $184,000 after buying an additional 7,104 shares during the period. Chicago Equity Partners LLC acquired a new position in Primoris Services Corporation during the second quarter valued at approximately $575,000. Victory Capital Management Inc. boosted its position in Primoris Services Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in Primoris Services Corporation by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares during the period. Institutional investors and hedge funds own 70.82% of the company’s stock.

Primoris Services Corporation 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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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