Primoris Services’ (PRIM) “Neutral” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their neutral rating on shares of Primoris Services (NYSE:PRIM) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. Cantor Fitzgerald currently has a $105.00 price target on the stock.

Other equities analysts have also issued reports about the company. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. JPMorgan Chase & Co. upgraded Primoris Services from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $105.00 to $116.00 in a research report on Monday, June 29th. The Goldman Sachs Group raised Primoris Services from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $107.00 to $102.00 in a research note on Thursday, June 25th. Piper Sandler started coverage on shares of Primoris Services in a report on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 target price on the stock. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $149.00 target price on shares of Primoris Services in a research note on Monday, June 15th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Primoris Services Stock Performance

NYSE PRIM opened at $76.48 on Tuesday. The company has a 50-day simple moving average of $77.94 and a two-hundred day simple moving average of $107.48. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.47. Primoris Services has a 12-month low of $65.00 and a 12-month high of $205.50. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 29.99 and a beta of 1.43.

Primoris Services (NYSE:PRIM) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a return on equity of 9.96% and a net margin of 1.92%.The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the business earned $1.68 earnings per share. The company’s quarterly revenue was down 10.7% on a year-over-year basis. On average, equities analysts forecast that Primoris Services will post 1.77 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Wednesday, September 30th. Primoris Services’s payout ratio is currently 12.55%.

Institutional Investors Weigh In On Primoris Services

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in shares of Primoris Services during the second quarter valued at approximately $26,000. Harbour Investments Inc. purchased a new stake in Primoris Services in the fourth quarter worth $33,000. Root Financial Partners LLC lifted its stake in Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after acquiring an additional 69 shares during the period. Persistent Asset Partners Ltd bought a new stake in Primoris Services in the second quarter valued at $36,000. Finally, Osterweis Capital Management Inc. purchased a new position in Primoris Services during the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.