Primoris Services Corporation (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday, October 18th.
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. “
Other equities research analysts have also issued reports about the company. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 price objective (up from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. BidaskClub upgraded Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Canaccord Genuity raised their target price on Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. Finally, TheStreet upgraded Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.00.
Shares of Primoris Services Corporation (NASDAQ PRIM) opened at 28.09 on Wednesday. The firm has a 50-day moving average of $28.63 and a 200-day moving average of $25.64. The firm has a market capitalization of $1.44 billion, a PE ratio of 30.57 and a beta of 1.55. Primoris Services Corporation has a 1-year low of $18.71 and a 1-year high of $30.00.
Primoris Services Corporation (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The business had revenue of $631.20 million for the quarter, compared to analyst estimates of $582.82 million. During the same period last year, the company earned $0.10 EPS. Primoris Services Corporation’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities research analysts anticipate that Primoris Services Corporation will post $1.19 EPS for the current fiscal year.
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In other Primoris Services Corporation news, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction dated 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 $1,256,600.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Pratt sold 311,933 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 9,646,585 shares in the company, valued at $270,876,106.80. The disclosure for this sale can be found here. Insiders sold 1,548,356 shares of company stock valued at $43,921,202 in the last ninety days. 24.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. First Quadrant L P CA lifted its position in shares of Primoris Services Corporation by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after buying an additional 2,276 shares in the last quarter. Strs Ohio lifted its position in shares of Primoris Services Corporation by 544.7% in the third quarter. Strs Ohio now owns 58,672 shares of the construction company’s stock worth $1,726,000 after buying an additional 49,572 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Primoris Services Corporation in the third quarter worth about $138,000. Lord Abbett & CO. LLC lifted its position in shares of Primoris Services Corporation by 4.3% in the second quarter. Lord Abbett & CO. LLC now owns 1,352,384 shares of the construction company’s stock worth $33,728,000 after buying an additional 56,002 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Primoris Services Corporation in the second quarter worth about $1,410,000. Institutional investors and hedge funds 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.
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