Primoris Services Corporation’s (PRIM) “Hold” Rating Reaffirmed at KeyCorp
Several other analysts have also recently commented on PRIM. BidaskClub raised Primoris Services Corporation from a sell rating to a hold rating in a report on Thursday, June 29th. Zacks Investment Research raised Primoris Services Corporation from a hold rating to a buy rating and set a $28.00 price target for the company in a report on Saturday, July 15th. Canaccord Genuity raised their price target on Primoris Services Corporation from $28.00 to $30.00 and gave the company a buy rating in a report on Wednesday, August 9th. Finally, TheStreet raised Primoris Services Corporation from a c+ rating to a b- rating in a report on Friday, August 11th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $27.00.
Primoris Services Corporation (NASDAQ PRIM) opened at 28.95 on Tuesday. Primoris Services Corporation has a 52 week low of $18.71 and a 52 week high of $30.00. The stock’s 50 day moving average price is $27.08 and its 200 day moving average price is $24.69. The firm has a market capitalization of $1.49 billion, a P/E ratio of 31.50 and a beta of 1.56.
Primoris Services Corporation (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.31 by $0.11. The business had revenue of $631.20 million during the quarter, compared to analysts’ expectations of $582.82 million. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. On average, equities analysts expect that Primoris Services Corporation will post $1.19 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be issued a dividend of $0.055 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.22 annualized dividend and a yield of 0.76%. Primoris Services Corporation’s dividend payout ratio is presently 23.40%.
In related news, Director Brian Pratt sold 105,734 shares of Primoris Services Corporation stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total transaction of $2,981,698.80. Following the completion of the transaction, the director now directly owns 9,646,585 shares of the company’s stock, valued at $272,033,697. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 1,215,078 shares of company stock valued at $34,384,543. 24.00% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its holdings in Primoris Services Corporation by 8.2% during the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Primoris Services Corporation by 13.0% during the first quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after purchasing an additional 595 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Primoris Services Corporation by 554.1% during the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after purchasing an additional 4,721 shares during the last quarter. Citigroup Inc. raised its holdings in Primoris Services Corporation by 356.6% during the second quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock worth $161,000 after purchasing an additional 5,049 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Primoris Services Corporation by 2,368.0% during the second quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock worth $184,000 after purchasing an additional 7,104 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.
About Primoris Services Corporation
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.
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