Primoris Services Corporation (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.

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 research firms also recently issued reports on PRIM. BidaskClub upgraded Primoris Services Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. 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 report on Wednesday, August 9th. KeyCorp restated a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. Seaport Global Securities restated a “buy” rating and set a $32.00 price objective (up previously from $29.00) on shares of Primoris Services Corporation in a report on Wednesday, October 11th. Finally, TheStreet upgraded Primoris Services Corporation from a “c+” rating to a “b-” rating in a report on Friday, August 11th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $29.00.

Primoris Services Corporation (NASDAQ PRIM) traded up 1.01% during trading on Wednesday, reaching $27.93. 408,999 shares of the company’s stock traded hands. The stock has a market capitalization of $1.44 billion, a P/E ratio of 30.39 and a beta of 1.55. The company has a 50-day moving average of $28.72 and a 200 day moving average of $25.50. Primoris Services Corporation has a 12 month low of $18.71 and a 12 month high of $30.00.

Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company had revenue of $631.20 million during the quarter, compared to the consensus estimate of $582.82 million. During the same period in the prior year, the company earned $0.10 EPS. Primoris Services Corporation’s revenue was up 38.2% on a year-over-year basis. On average, equities research analysts expect that Primoris Services Corporation will post $1.19 earnings per share for the current fiscal year.

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In other news, Director Brian Pratt sold 311,933 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $28.08, for a total value of $8,759,078.64. Following the transaction, the director now owns 9,646,585 shares in the company, valued at approximately $270,876,106.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the transaction, the chief financial officer now owns 43,346 shares in the company, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,548,356 shares of company stock worth $43,921,202. Corporate insiders own 24.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of PRIM. Van Berkom & Associates Inc. increased its holdings in shares of Primoris Services Corporation by 16.0% in the 2nd quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock valued at $59,125,000 after purchasing an additional 327,189 shares during the period. Bar Harbor Trust Services acquired a new position in shares of Primoris Services Corporation in the 2nd quarter valued at about $4,202,000. Value Holdings Management CO. LLC increased its holdings in shares of Primoris Services Corporation by 37.8% in the 2nd quarter. Value Holdings Management CO. LLC now owns 477,343 shares of the construction company’s stock valued at $11,905,000 after purchasing an additional 131,031 shares during the period. Vanguard Group Inc. increased its holdings in shares of Primoris Services Corporation by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock valued at $74,612,000 after purchasing an additional 116,098 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Primoris Services Corporation by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,120,930 shares of the construction company’s stock valued at $49,247,000 after purchasing an additional 95,295 shares during the period. Institutional investors own 69.72% of the company’s stock.

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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