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.
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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.
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