Primoris Services (NYSE:PRIM) Research Coverage Started at Piper Sandler

Piper Sandler assumed coverage on shares of Primoris Services (NYSE:PRIM) in a research report released on Wednesday, Marketbeat reports. The firm issued a neutral rating and a $90.00 target price on the stock.

PRIM has been the topic of several other research reports. UBS Group restated a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a research report on Monday, August 24th. Wolfe Research reissued an “outperform” rating and issued a $149.00 price objective on shares of Primoris Services in a report on Monday, June 15th. Wall Street Zen cut Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Wells Fargo & Company cut their target price on Primoris Services from $118.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 23rd. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $129.62.

Primoris Services Stock Performance

Shares of PRIM opened at $75.67 on Wednesday. Primoris Services has a 1 year low of $65.00 and a 1 year high of $205.50. The company has a market cap of $4.07 billion, a price-to-earnings ratio of 29.67 and a beta of 1.43. 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 fifty day moving average of $81.65 and a 200-day moving average of $114.47.

Primoris Services (NYSE:PRIM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.08. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.68 earnings per share. As a group, equities analysts anticipate that Primoris Services will post 1.79 earnings per share for the current year.

Primoris Services Dividend Announcement

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 dividend payout ratio (DPR) is currently 12.55%.

Institutional Investors Weigh In On Primoris Services

A number of institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its position in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock valued at $43,000 after purchasing an additional 194 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock valued at $28,337,000 after buying an additional 33,934 shares during the period. Caxton Associates LLP bought a new position in Primoris Services during the first quarter valued at about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Primoris Services by 25.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock valued at $9,650,000 after buying an additional 33,818 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in Primoris Services during the second quarter worth about $274,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

More Primoris Services News

Here are the key news stories impacting Primoris Services this week:

• Neutral Sentiment: Piper Sandler initiated coverage of Primoris Services Corporation with a Neutral rating, providing limited near-term support but signaling that the firm does not currently see a compelling bullish or bearish catalyst. Piper Sandler initiates coverage of Primoris Services at neutral

About Primoris Services

Primoris Services Corporation is a specialty contractor and infrastructure services company that provides construction, engineering, maintenance, and technical services across North America. The company serves utilities, energy producers, industrial customers, municipalities, and renewable energy developers.

Primoris operates through three primary business areas: Utilities, Energy, and Renewables. Its services include the construction, repair, replacement, and maintenance of electric transmission and distribution systems, natural gas and other utility infrastructure, communications networks, water and wastewater facilities, pipelines, power-generation assets, and industrial facilities.