Zacks Investment Research Lowers Primoris Services (NASDAQ:PRIM) to Strong Sell

Primoris Services (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, December 28th.

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 equities research analysts have also weighed in on PRIM. KeyCorp reissued a “hold” rating on shares of Primoris Services in a report on Tuesday, September 19th. Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 price target (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price target on shares of Primoris Services in a report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $31.67.

Primoris Services (PRIM) opened at $27.06 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. Primoris Services has a 1-year low of $21.83 and a 1-year high of $30.00. The stock has a market cap of $1,390.00, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.97 and a beta of 1.59.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The business had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 earnings per share. sell-side analysts anticipate that Primoris Services will post 1.13 EPS for the current fiscal year.

In related news, CEO David Lee King sold 9,077 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $27.43, for a total transaction of $248,982.11. Following the completion of the transaction, the chief executive officer now owns 6,242 shares in the company, valued at approximately $171,218.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 50,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $28.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 92,513 shares of company stock valued at $2,606,860. Insiders own 24.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in PRIM. Public Employees Retirement System of Ohio grew its stake in shares of Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the period. First Quadrant L P CA grew its stake in shares of Primoris Services by 109.4% in the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after buying an additional 2,276 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $138,000. BNP Paribas Arbitrage SA grew its stake in shares of Primoris Services by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares during the period. 70.46% of the stock is owned by institutional investors.

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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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