Primoris Services (NASDAQ:PRIM) Rating Lowered to Sell at BidaskClub

Primoris Services (NASDAQ:PRIM) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, January 6th.

A number of other equities research analysts have also recently issued reports on PRIM. KeyCorp reiterated a “hold” rating on shares of Primoris Services in a research note on Tuesday, September 19th. Seaport Global Securities reiterated a “buy” rating and issued a $32.00 target price (up from $29.00) on shares of Primoris Services in a research note on Wednesday, October 11th. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research note on Saturday, October 14th. Finally, Canaccord Genuity reissued a “buy” rating and set a $30.00 price target on shares of Primoris Services in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $31.67.

Shares of Primoris Services (NASDAQ PRIM) traded up $0.71 on Friday, reaching $26.71. The company had a trading volume of 231,260 shares, compared to its average volume of 193,185. Primoris Services has a 52-week low of $21.83 and a 52-week high of $30.00. The company has a market capitalization of $1,336.12, a PE ratio of 20.80, a PEG ratio of 1.91 and a beta of 1.59. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41.

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

In other news, CEO David Lee King sold 9,077 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $27.43, for a total transaction of $248,982.11. Following the transaction, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at $171,218.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John P. Schauerman sold 29,456 shares of the firm’s stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $28.76, for a total value of $847,154.56. The disclosure for this sale can be found here. Insiders have sold 92,513 shares of company stock worth $2,606,860 over the last three months. Corporate insiders own 24.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its holdings in Primoris Services by 8.2% during the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after acquiring an additional 320 shares during the period. First Quadrant L P CA grew its holdings in Primoris Services by 109.4% during the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after acquiring an additional 2,276 shares during the period. Meeder Asset Management Inc. acquired a new position in Primoris Services during the third quarter worth about $138,000. BNP Paribas Arbitrage SA grew its holdings in Primoris Services by 554.1% during the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after acquiring an additional 4,721 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Primoris Services by 17.6% during the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after acquiring an additional 910 shares during the period. 70.36% of the stock is currently owned by hedge funds and other 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.

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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