Zacks Investment Research downgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
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. “
A number of other research analysts have also issued reports on the stock. Stephens reiterated a hold rating and issued a $28.00 target price on shares of Primoris Services in a research note on Tuesday, February 27th. ValuEngine upgraded shares of Primoris Services from a hold rating to a buy rating in a research note on Thursday, April 12th. DA Davidson upgraded shares of Primoris Services from a neutral rating to a buy rating in a research note on Wednesday, February 28th. BidaskClub upgraded shares of Primoris Services from a strong sell rating to a sell rating in a research note on Friday, March 2nd. Finally, Sidoti upgraded shares of Primoris Services from a neutral rating to a buy rating in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Primoris Services presently has an average rating of Buy and a consensus target price of $30.80.
Primoris Services opened at $27.23 on Wednesday, MarketBeat.com reports. Primoris Services has a 1 year low of $23.61 and a 1 year high of $30.00. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $1.42 billion, a P/E ratio of 23.68, a PEG ratio of 1.74 and a beta of 1.18.
Primoris Services (NASDAQ:PRIM) last posted its earnings results on Tuesday, May 8th. The construction company reported $0.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.01. Primoris Services had a net margin of 2.81% and a return on equity of 9.50%. The business had revenue of $504.10 million for the quarter, compared to analyst estimates of $485.10 million. During the same period last year, the business posted $0.15 EPS. Primoris Services’s revenue was down 10.2% compared to the same quarter last year. research analysts forecast that Primoris Services will post 1.58 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be given a $0.06 dividend. The ex-dividend date is Thursday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.88%. Primoris Services’s dividend payout ratio is 20.87%.
In other Primoris Services news, Director Brian Pratt sold 53,037 shares of the firm’s stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $25.00, for a total value of $1,325,925.00. Following the sale, the director now directly owns 7,838,661 shares in the company, valued at approximately $195,966,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $28.04, for a total transaction of $560,800.00. The disclosure for this sale can be found here. Insiders sold a total of 612,164 shares of company stock worth $16,179,409 over the last 90 days. Company insiders own 19.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. acquired a new stake in shares of Primoris Services during the 1st quarter valued at about $107,000. SG Americas Securities LLC acquired a new stake in shares of Primoris Services during the 1st quarter valued at about $118,000. Element Capital Management LLC acquired a new stake in shares of Primoris Services during the 1st quarter valued at about $221,000. Verition Fund Management LLC acquired a new stake in shares of Primoris Services during the 1st quarter valued at about $222,000. Finally, Koch Industries Inc. acquired a new stake in shares of Primoris Services during the 4th quarter valued at about $237,000. Institutional investors and hedge funds own 70.65% of the company’s stock.
Primoris Services Company Profile
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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