Primoris Services Corporation (NASDAQ:PRIM) has been given an average recommendation of “Hold” by the eleven research firms that are covering the firm, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $28.00.
A number of equities analysts have recently commented on PRIM shares. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a report on Saturday, July 15th. BidaskClub raised Primoris Services Corporation from a “sell” rating to a “hold” rating in a report on Thursday, June 29th. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. TheStreet raised Primoris Services Corporation from a “c+” rating to a “b-” rating in a report on Friday, August 11th. Finally, Canaccord Genuity boosted their price target on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th.
Shares of Primoris Services Corporation (PRIM) traded up 0.07% during mid-day trading on Friday, hitting $29.05. The stock had a trading volume of 191,960 shares. The company has a market capitalization of $1.49 billion, a P/E ratio of 31.61 and a beta of 1.55. Primoris Services Corporation has a 1-year low of $18.71 and a 1-year high of $30.00. The stock’s 50-day moving average price is $28.54 and its 200 day moving average price is $25.27.
Primoris Services Corporation (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The company had revenue of $631.20 million during the quarter, compared to analysts’ expectations of $582.82 million. During the same quarter in the previous year, the firm earned $0.10 EPS. Primoris Services Corporation’s revenue was up 38.2% on a year-over-year basis. On average, analysts predict that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Shareholders of record on Friday, September 29th will be issued a $0.055 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.76%. Primoris Services Corporation’s payout ratio is presently 23.40%.
In other Primoris Services Corporation news, CFO Peter J. Moerbeek sold 19,778 shares of the company’s stock in a transaction dated Monday, September 25th. The stock was 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 of the company’s stock, valued at approximately $1,256,600.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Brian Pratt sold 105,099 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $28.00, for a total value of $2,942,772.00. Following the completion of the transaction, the director now directly owns 9,646,585 shares of the company’s stock, valued at approximately $270,104,380. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,548,356 shares of company stock valued at $43,921,202. Insiders own 24.00% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC increased its holdings in Primoris Services Corporation by 4.3% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,352,384 shares of the construction company’s stock worth $33,728,000 after purchasing an additional 56,002 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Primoris Services Corporation in the 2nd quarter worth about $1,410,000. Public Employees Retirement System of Ohio increased its holdings in Primoris Services Corporation by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares in the last quarter. Susquehanna International Group LLP increased its holdings in Primoris Services Corporation by 193.8% in the 2nd quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock worth $2,886,000 after purchasing an additional 76,335 shares in the last quarter. Finally, State Street Corp increased its holdings in Primoris Services Corporation by 6.4% in the 2nd quarter. State Street Corp now owns 766,590 shares of the construction company’s stock worth $19,115,000 after purchasing an additional 45,858 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.
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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.
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