Primoris Services Corporation (PRIM) Stock Rating Upgraded by Zacks Investment Research

Primoris Services Corporation (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $33.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.90% from the company’s previous close.

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 also recently issued reports on the stock. BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Canaccord Genuity raised their price objective on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Finally, Seaport Global Securities reissued a “buy” rating and set a $32.00 price objective (up from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $29.00.

Primoris Services Corporation (NASDAQ PRIM) opened at 29.23 on Friday. The firm has a market capitalization of $1.50 billion, a P/E ratio of 31.81 and a beta of 1.55. Primoris Services Corporation has a 52-week low of $18.71 and a 52-week high of $30.00. The company’s 50-day moving average is $28.72 and its 200-day moving average is $25.38.

Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same period last year, the firm posted $0.10 EPS. Primoris Services Corporation’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, analysts predict that Primoris Services Corporation will post $1.19 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Primoris Services Corporation (PRIM) Stock Rating Upgraded by Zacks Investment Research” was originally posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this story on another domain, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The legal version of this story can be accessed at https://ledgergazette.com/2017/10/16/primoris-services-corporation-prim-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, Director Brian Pratt sold 311,933 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $28.08, for a total value of $8,759,078.64. Following the completion of the sale, the director now owns 9,646,585 shares in the company, valued at approximately $270,876,106.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was 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 of the company’s stock, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock valued at $43,921,202 in the last 90 days. Company insiders own 24.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PRIM. Bank of New York Mellon Corp lifted its stake in shares of Primoris Services Corporation by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 252,806 shares of the construction company’s stock worth $5,870,000 after acquiring an additional 10,219 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Primoris Services Corporation by 51.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 15,671 shares of the construction company’s stock worth $363,000 after acquiring an additional 5,326 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Primoris Services Corporation by 13.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after acquiring an additional 595 shares during the period. American International Group Inc. lifted its stake in shares of Primoris Services Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock worth $576,000 after acquiring an additional 1,641 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Primoris Services Corporation by 8.3% in the 1st quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock worth $1,298,000 after acquiring an additional 4,300 shares during the period. Institutional investors own 69.72% of the company’s stock.

Primoris Services Corporation Company Profile

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, ene

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 also recently issued reports on the stock. BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. KeyCorp reissued a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Canaccord Genuity raised their price objective on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Finally, Seaport Global Securities reissued a “buy” rating and set a $32.00 price objective (up from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $29.00.

Primoris Services Corporation (NASDAQ PRIM) opened at 29.23 on Friday. The firm has a market capitalization of $1.50 billion, a P/E ratio of 31.81 and a beta of 1.55. Primoris Services Corporation has a 52-week low of $18.71 and a 52-week high of $30.00. The company’s 50-day moving average is $28.72 and its 200-day moving average is $25.38.

Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same period last year, the firm posted $0.10 EPS. Primoris Services Corporation’s revenue for the quarter was up 38.2% on a year-over-year basis. On average, analysts predict that Primoris Services Corporation will post $1.19 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Primoris Services Corporation (PRIM) Stock Rating Upgraded by Zacks Investment Research” was originally posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this story on another domain, it was illegally copied and republished in violation of US & international copyright & trademark legislation. The legal version of this story can be accessed at https://ledgergazette.com/2017/10/16/primoris-services-corporation-prim-stock-rating-upgraded-by-zacks-investment-research.html.

In other news, Director Brian Pratt sold 311,933 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $28.08, for a total value of $8,759,078.64. Following the completion of the sale, the director now owns 9,646,585 shares in the company, valued at approximately $270,876,106.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was 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 of the company’s stock, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock valued at $43,921,202 in the last 90 days. Company insiders own 24.00% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PRIM. Bank of New York Mellon Corp lifted its stake in shares of Primoris Services Corporation by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 252,806 shares of the construction company’s stock worth $5,870,000 after acquiring an additional 10,219 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Primoris Services Corporation by 51.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 15,671 shares of the construction company’s stock worth $363,000 after acquiring an additional 5,326 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Primoris Services Corporation by 13.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after acquiring an additional 595 shares during the period. American International Group Inc. lifted its stake in shares of Primoris Services Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 24,793 shares of the construction company’s stock worth $576,000 after acquiring an additional 1,641 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Primoris Services Corporation by 8.3% in the 1st quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock worth $1,298,000 after acquiring an additional 4,300 shares during the period. Institutional investors own 69.72% of the company’s stock.

Primoris Services Corporation Company Profile

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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