Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a strong-buy rating in a report released on Saturday. They currently have $29.00 price target on the construction company’s stock.
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. “
Several other research analysts have also issued reports on PRIM. Canaccord Genuity boosted their target price on Primoris Services from $30.00 to $32.00 and gave the company a buy rating in a research report on Wednesday, May 9th. ValuEngine lowered Primoris Services from a buy rating to a hold rating in a research report on Wednesday, May 9th. BidaskClub upgraded Primoris Services from a hold rating to a buy rating in a research report on Thursday, May 24th. Finally, DA Davidson boosted their target price on Primoris Services to $34.00 and gave the company a buy rating in a research report on Friday, June 22nd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $31.00.
Primoris Services traded up $0.27, hitting $25.64, during trading hours on Friday, according to MarketBeat Ratings. 227,450 shares of the company were exchanged, compared to its average volume of 185,620. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.55 and a quick ratio of 1.58. Primoris Services has a 52 week low of $23.61 and a 52 week high of $30.00. The stock has a market capitalization of $1.31 billion, a P/E ratio of 28.51, a PEG ratio of 1.56 and a beta of 1.12.
Primoris Services (NASDAQ:PRIM) last announced its earnings results on Tuesday, August 7th. The construction company reported $0.31 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Primoris Services had a return on equity of 8.23% and a net margin of 2.37%. The business had revenue of $648.79 million during the quarter, compared to analyst estimates of $593.65 million. equities research analysts anticipate that Primoris Services will post 1.63 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a $0.06 dividend. The ex-dividend date is Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.94%. Primoris Services’s payout ratio is 20.87%.
In related news, Director Brian Pratt sold 53,037 shares of the business’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $25.00, for a total value of $1,325,925.00. Following the completion of the sale, the director now owns 7,838,661 shares in the company, valued at $195,966,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 26th. The shares were sold at an average price of $28.04, for a total value of $560,800.00. The disclosure for this sale can be found here. Insiders sold 612,164 shares of company stock valued at $16,179,409 in the last quarter. 19.50% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Primoris Services by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,358,959 shares of the construction company’s stock worth $64,235,000 after buying an additional 66,141 shares in the last quarter. BlackRock Inc. raised its stake in Primoris Services by 8.7% in the second quarter. BlackRock Inc. now owns 2,649,085 shares of the construction company’s stock worth $72,135,000 after buying an additional 212,126 shares in the last quarter. Martingale Asset Management L P raised its stake in Primoris Services by 4.1% in the second quarter. Martingale Asset Management L P now owns 122,733 shares of the construction company’s stock worth $3,343,000 after buying an additional 4,783 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in Primoris Services by 0.7% in the second quarter. Van Berkom & Associates Inc. now owns 2,733,782 shares of the construction company’s stock worth $74,441,000 after buying an additional 19,802 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in Primoris Services in the second quarter worth approximately $13,951,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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