BidaskClub Lowers Primoris Services (NASDAQ:PRIM) to Strong Sell

Primoris Services (NASDAQ:PRIM) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday, January 20th.

A number of other brokerages have also weighed in on PRIM. Seaport Global Securities reissued a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Zacks Investment Research raised Primoris Services from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Saturday, October 14th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $30.00 target price on shares of Primoris Services in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $31.67.

Primoris Services (NASDAQ PRIM) opened at $24.07 on Friday. The stock has a market cap of $1,250.00, a PE ratio of 19.41, a P/E/G ratio of 1.78 and a beta of 1.29. Primoris Services has a one year low of $21.83 and a one year high of $30.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41.

In other 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 sale, the chief executive officer now owns 6,242 shares of the company’s stock, valued at approximately $171,218.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen C. Cook sold 3,980 shares of the stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now directly owns 10,502 shares of the company’s stock, valued at $292,165.64. The disclosure for this sale can be found here. Insiders have sold a total of 63,057 shares of company stock valued at $1,759,706 in the last ninety days. Insiders own 24.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in PRIM. Public Employees Retirement System of Ohio increased its holdings in 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 worth $106,000 after acquiring an additional 320 shares in the last quarter. First Quadrant L P CA increased its holdings in 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 worth $128,000 after acquiring an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in Primoris Services in the 3rd quarter worth approximately $138,000. BNP Paribas Arbitrage SA increased its holdings in Primoris Services by 554.1% in the 2nd 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 in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Primoris Services by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after purchasing an additional 910 shares during the period. 69.79% of the stock is owned by institutional investors.

TRADEMARK VIOLATION WARNING: “BidaskClub Lowers Primoris Services (NASDAQ:PRIM) to Strong Sell” was reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright laws. The correct version of this article can be read at https://www.dispatchtribunal.com/2018/02/13/primoris-services-prim-downgraded-by-bidaskclub-to-strong-sell.html.

Primoris Services 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.

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply