Primoris Services’ (PRIM) “Hold” Rating Reaffirmed at Stephens
A number of other research firms have also commented on PRIM. Zacks Investment Research lowered shares of Primoris Services from a hold rating to a sell rating in a research note on Friday, November 10th. BidaskClub lowered shares of Primoris Services from a sell rating to a strong sell rating in a research note on Saturday, January 20th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $30.00 price objective on shares of Primoris Services in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $29.50.
Primoris Services (PRIM) opened at $26.11 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.55 and a quick ratio of 1.41. The stock has a market cap of $1,340.00, a P/E ratio of 21.40, a price-to-earnings-growth ratio of 1.83 and a beta of 1.27. Primoris Services has a 12-month low of $21.83 and a 12-month high of $30.00.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Wednesday, March 28th. Primoris Services’s dividend payout ratio is 19.67%.
In related news, Director John P. Schauerman sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 3,980 shares of Primoris Services stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the sale, the director now directly owns 10,502 shares of the company’s stock, valued at approximately $292,165.64. The disclosure for this sale can be found here. Insiders purchased a total of 16,327 shares of company stock valued at $340,744 in the last ninety days. Company insiders own 24.00% of the company’s stock.
Large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its stake in shares of Primoris Services by 8.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the period. First Quadrant L P CA boosted its stake in shares of Primoris Services by 109.4% during the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after buying an additional 2,276 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Primoris Services during the 3rd quarter valued at $152,000. Great West Life Assurance Co. Can boosted its stake in shares of Primoris Services by 159.1% during the 3rd quarter. Great West Life Assurance Co. Can now owns 5,985 shares of the construction company’s stock valued at $175,000 after buying an additional 3,675 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in shares of Primoris Services during the 3rd quarter valued at $203,000. 69.74% of the stock is owned by institutional investors.
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About Primoris Services
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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