Primoris Services Corporation (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

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 analysts have also recently weighed in on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price target on shares of Primoris Services Corporation in a report on Tuesday. Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 price target (up previously from $29.00) on shares of Primoris Services Corporation in a report on Wednesday, October 11th. KeyCorp reaffirmed a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a report on Friday, August 11th. Finally, BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $30.00.

Shares of Primoris Services Corporation (NASDAQ PRIM) opened at $27.07 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.36 and a debt-to-equity ratio of 0.36. Primoris Services Corporation has a 1-year low of $21.14 and a 1-year high of $30.00. The stock has a market cap of $1,438.51, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 2.35 and a beta of 1.60.

Primoris Services Corporation (NASDAQ:PRIM) last issued its earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. The business had revenue of $608.31 million for the quarter, compared to analysts’ expectations of $588.19 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. equities research analysts forecast that Primoris Services Corporation will post 1.19 earnings per share for the current fiscal year.

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In related news, CFO Peter J. Moerbeek sold 19,778 shares of the company’s stock in a transaction on 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 directly owns 43,346 shares in the company, valued at $1,256,600.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Brian Pratt sold 105,099 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $28.00, for a total transaction of $2,942,772.00. Following the completion of the transaction, the director now owns 9,646,585 shares of the company’s stock, valued at $270,104,380. The disclosure for this sale can be found here. Insiders sold 1,548,356 shares of company stock valued at $43,921,202 over the last quarter. 24.00% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio grew its position in Primoris Services Corporation by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after acquiring an additional 320 shares in the last quarter. First Quadrant L P CA grew its position in Primoris Services Corporation by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after acquiring an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Primoris Services Corporation in the third quarter worth $138,000. SG Americas Securities LLC purchased a new position in Primoris Services Corporation in the third quarter worth $152,000. Finally, BNP Paribas Arbitrage SA grew 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 worth $139,000 after acquiring an additional 4,721 shares in the last quarter. Institutional investors own 69.26% 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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