BidaskClub upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a report published on Friday morning.
A number of other brokerages have also commented on PRIM. Stephens reissued a hold rating and set a $28.00 price target on shares of Primoris Services in a research note on Tuesday, February 27th. Zacks Investment Research raised Primoris Services from a sell rating to a hold rating in a research note on Wednesday, December 13th. Sidoti raised Primoris Services from a neutral rating to a buy rating in a research note on Wednesday, February 28th. Finally, DA Davidson raised Primoris Services from a neutral rating to a buy rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $29.50.
Shares of Primoris Services stock opened at $26.86 on Friday. Primoris Services has a 12 month low of $21.83 and a 12 month high of $30.00. The company has a market capitalization of $1,384.12, a PE ratio of 19.05, a PEG ratio of 1.68 and a beta of 1.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.55.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, February 27th. The construction company reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.02. Primoris Services had a return on equity of 11.11% and a net margin of 3.04%. The firm had revenue of $579.02 million for the quarter, compared to analyst estimates of $558.67 million. During the same period last year, the firm posted $0.28 earnings per share. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. sell-side analysts anticipate that Primoris Services will post 1.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Friday, March 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.89%. Primoris Services’s dividend payout ratio (DPR) is 17.02%.
In related news, COO Thomas Edward Mccormick acquired 5,266 shares of the stock in a transaction dated Monday, February 26th. The stock was bought at an average cost of $20.87 per share, for a total transaction of $109,901.42. Following the completion of the transaction, the chief operating officer now directly owns 9,045 shares of the company’s stock, valued at $188,769.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Lee King acquired 7,866 shares of the stock in a transaction dated Monday, February 26th. The shares were bought at an average price of $20.87 per share, with a total value of $164,163.42. Following the completion of the transaction, the chief executive officer now directly owns 14,108 shares of the company’s stock, valued at $294,433.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 16,327 shares of company stock valued at $340,744 and have sold 576,655 shares valued at $15,147,450. 24.00% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of PRIM. American Century Companies Inc. raised its position in shares of Primoris Services by 750.3% during the fourth quarter. American Century Companies Inc. now owns 243,431 shares of the construction company’s stock worth $6,619,000 after acquiring an additional 214,802 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Primoris Services during the fourth quarter worth about $4,267,000. BlackRock Inc. raised its position in shares of Primoris Services by 5.6% during the fourth quarter. BlackRock Inc. now owns 2,523,501 shares of the construction company’s stock worth $68,614,000 after acquiring an additional 133,239 shares during the last quarter. QS Investors LLC raised its position in shares of Primoris Services by 187,367.7% during the fourth quarter. QS Investors LLC now owns 116,230 shares of the construction company’s stock worth $3,160,000 after acquiring an additional 116,168 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Primoris Services by 242.1% during the third quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock worth $4,800,000 after acquiring an additional 115,450 shares during the last quarter. Institutional investors own 71.76% of the company’s stock.
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About Primoris Services
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.
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