Zacks Investment Research lowered shares of Primoris Services Corporation (NASDAQ:PRIM) from a hold rating to a sell rating in a research report report published on Friday.
According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “
Other equities research analysts also recently issued reports about the stock. Canaccord Genuity reissued a buy rating and issued a $30.00 price objective on shares of Primoris Services Corporation in a research report on Tuesday, November 7th. BidaskClub raised shares of Primoris Services Corporation from a sell rating to a hold rating in a research report on Thursday, August 10th. KeyCorp reissued a hold rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Seaport Global Securities reissued a buy rating and issued a $32.00 price objective (up from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. Finally, TheStreet raised shares of Primoris Services Corporation from a c+ rating to a b- rating in a research report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $30.00.
Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $26.11 on Friday. Primoris Services Corporation has a 52 week low of $21.83 and a 52 week high of $30.00. The firm has a market cap of $1,342.30, a P/E ratio of 22.30, a P/E/G ratio of 2.17 and a beta of 1.60. The company has a current ratio of 1.49, a quick ratio of 1.41 and a debt-to-equity ratio of 0.36.
Primoris Services Corporation (NASDAQ:PRIM) last announced its earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. The firm had revenue of $608.31 million for the quarter, compared to the consensus estimate of $588.19 million. During the same period in the prior year, the firm earned $0.09 EPS. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. analysts predict that Primoris Services Corporation will post 1.2 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.92%. This is an increase from Primoris Services Corporation’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is 17.60%.
In related news, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction on Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares in the company, valued at approximately $1,256,600.54. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brian Pratt sold 88,500 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $28.67, for a total transaction of $2,537,295.00. Following the sale, the director now owns 8,659,574 shares of the company’s stock, valued at approximately $248,269,986.58. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 over the last ninety days. Insiders own 24.00% of the company’s stock.
A number of large investors have recently modified their holdings of PRIM. Alliancebernstein L.P. boosted its stake in Primoris Services Corporation by 8.3% during the 1st quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock worth $1,298,000 after purchasing an additional 4,300 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Primoris Services Corporation in the 1st quarter worth $234,000. Teachers Advisors LLC lifted its stake in shares of Primoris Services Corporation by 3.0% in the 1st quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock worth $1,665,000 after acquiring an additional 2,065 shares during the period. Vanguard Group Inc. lifted its stake in shares of Primoris Services Corporation by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after acquiring an additional 116,098 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Primoris Services Corporation by 5.9% in the 1st quarter. Geode Capital Management LLC now owns 340,116 shares of the construction company’s stock worth $7,897,000 after acquiring an additional 19,068 shares during the period. Hedge funds and other institutional investors own 67.35% of the company’s stock.
About Primoris Services Corporation
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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