Primoris Services Corporation (PRIM) Receives $26.67 Average Price Target from Analysts

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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