Ifrah Financial Services Inc. Sells 9,350 Shares of Primoris Services Corporation $PRIM

Ifrah Financial Services Inc. lowered its holdings in Primoris Services Corporation (NYSE:PRIM) by 63.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,289 shares of the company’s stock after selling 9,350 shares during the period. Ifrah Financial Services Inc.’s holdings in Primoris Services were worth $394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PRIM. BlackRock Inc. bought a new stake in shares of Primoris Services during the 2nd quarter valued at about $677,685,000. Wellington Management Group LLP grew its holdings in shares of Primoris Services by 148.7% during the second quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company’s stock worth $463,434,000 after purchasing an additional 2,795,887 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Primoris Services by 47.4% during the first quarter. First Trust Advisors LP now owns 2,886,163 shares of the company’s stock worth $412,837,000 after purchasing an additional 928,155 shares in the last quarter. Grandeur Peak Global Advisors LLC bought a new position in shares of Primoris Services in the second quarter worth approximately $3,482,000. Finally, William Blair Investment Management LLC bought a new position in shares of Primoris Services in the second quarter worth approximately $39,645,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PRIM shares. Weiss Ratings downgraded shares of Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Mizuho dropped their target price on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Wells Fargo & Company cut their price target on shares of Primoris Services from $118.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 23rd. Jefferies Financial Group reissued a “buy” rating and issued a $99.00 price target on shares of Primoris Services in a research note on Thursday, October 8th. Finally, Piper Sandler assumed coverage on shares of Primoris Services in a report on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 price target on the stock. Ten equities 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, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.47.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $78.09 on Thursday. The firm has a market capitalization of $4.20 billion, a PE ratio of 27.42 and a beta of 1.44. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.47. Primoris Services Corporation has a 12 month low of $65.00 and a 12 month high of $205.50. The business’s 50-day moving average price is $77.52 and its 200-day moving average price is $103.64.

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

Primoris Services Announces Dividend

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

Primoris Services 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.