Primoris Services (NYSE:PRIM) Stock Falls 7.4% – Here’s Why

Primoris Services Corporation (NYSE:PRIM) traded down 7.4% during mid-day trading on Thursday. The stock traded as low as $71.72 and last traded at $72.2480. Approximately 611,089 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 1,398,516 shares. The stock had previously closed at $78.03.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PRIM shares. Mizuho lowered their price objective on Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. Wall Street Zen cut Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $99.00 target price on shares of Primoris Services in a research note on Thursday, October 8th. Weiss Ratings downgraded shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $105.00 price target on shares of Primoris Services in a research report on Tuesday, September 29th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $123.47.

Primoris Services Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $3.92 billion, a P/E ratio of 28.53 and a beta of 1.44. The business has a fifty day moving average of $77.52 and a 200-day moving average of $103.64.

Primoris Services (NYSE:PRIM) last announced its earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating 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 EPS. The firm’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Primoris Services Corporation will post 1.77 EPS for the current fiscal year.

Primoris Services Announces Dividend

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

Hedge Funds Weigh In On Primoris Services

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of Primoris Services by 128.9% during the 3rd quarter. GAMMA Investing LLC now owns 815 shares of the company’s stock worth $61,000 after buying an additional 459 shares in the last quarter. Horizons Wealth Management bought a new position in shares of Primoris Services in the third quarter valued at approximately $473,000. Versant Capital Management Inc boosted its holdings in shares of Primoris Services by 73.5% in the third quarter. Versant Capital Management Inc now owns 864 shares of the company’s stock valued at $64,000 after acquiring an additional 366 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Primoris Services by 46.6% during the second quarter. Sequoia Financial Advisors LLC now owns 2,073 shares of the company’s stock valued at $205,000 after acquiring an additional 659 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Primoris Services during the second quarter valued at approximately $124,000. Institutional investors own 91.82% of the company’s stock.

About Primoris Services

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.