Primoris Services Corporation (NYSE:PRIM) Stock Has Average Target Price of $127.60 According to Brokerages

Shares of Primoris Services Corporation (NYSE:PRIM) have been assigned an average rating of “Moderate Buy” from the seventeen research firms that are currently covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $127.60.

A number of brokerages recently commented on PRIM. Zacks Research upgraded Primoris Services from a “strong sell” rating to a “hold” rating in a report on Monday, August 24th. Mizuho reduced their price target on shares of Primoris Services from $135.00 to $117.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 23rd. Needham & Company LLC lowered their price objective on shares of Primoris Services from $188.00 to $172.00 and set a “buy” rating for the company in a report on Monday, July 13th. Wall Street Zen lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings cut Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, August 6th.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC increased its stake in shares of Primoris Services by 46.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,073 shares of the company’s stock worth $205,000 after acquiring an additional 659 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Primoris Services during the second quarter worth about $124,000. Nykredit A S purchased a new stake in Primoris Services in the second quarter worth about $185,000. Corient Private Wealth LP grew its holdings in Primoris Services by 108.2% in the second quarter. Corient Private Wealth LP now owns 35,557 shares of the company’s stock worth $3,524,000 after purchasing an additional 18,480 shares during the period. Finally, Amundi increased its stake in shares of Primoris Services by 51.6% during the second quarter. Amundi now owns 11,619 shares of the company’s stock valued at $1,152,000 after purchasing an additional 3,957 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Up 0.6%

NYSE PRIM opened at $72.69 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $3.91 billion, a PE ratio of 28.51 and a beta of 1.43. Primoris Services has a 1 year low of $65.00 and a 1 year high of $205.50. The business’s 50-day moving average is $79.10 and its 200 day moving average is $109.35.

Primoris Services (NYSE:PRIM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates 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 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 prior year, the company posted $1.68 EPS. Sell-side analysts forecast that Primoris Services will post 1.78 earnings per share for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given 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 yield of 0.4%. Primoris Services’s dividend payout ratio (DPR) is currently 12.55%.

Primoris Services Company Profile

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.