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.
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