Shares of Primoris Services Corp (NASDAQ:PRIM) have earned a consensus recommendation of “Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $29.50.
Several research firms have weighed in on PRIM. BidaskClub raised Primoris Services from a “strong sell” rating to a “sell” rating in a research note on Friday, March 2nd. Stephens reissued a “hold” rating and issued a $28.00 target price on shares of Primoris Services in a research note on Tuesday, February 27th. Zacks Investment Research raised Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Sidoti raised Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, DA Davidson raised Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th.
Primoris Services (NASDAQ PRIM) remained flat at $$26.00 during trading hours on Wednesday. 322,791 shares of the stock were exchanged, compared to its average volume of 378,051. 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 0.34, a current ratio of 1.55 and a quick ratio of 1.46. The stock has a market cap of $1,339.81, a price-to-earnings ratio of 18.44, a price-to-earnings-growth ratio of 1.70 and a beta of 1.28.
Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, February 27th. The construction company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.02. Primoris Services had a return on equity of 11.11% and a net margin of 3.04%. The firm had revenue of $579.02 million for the quarter, compared to analyst estimates of $558.67 million. During the same quarter in the prior year, the firm posted $0.28 earnings per share. The company’s quarterly revenue was down 3.8% on a year-over-year basis. sell-side analysts expect that Primoris Services will post 1.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Friday, March 30th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 annualized dividend and a dividend yield of 0.92%. Primoris Services’s dividend payout ratio (DPR) is currently 17.02%.
In other Primoris Services news, Director Brian Pratt sold 54,373 shares of the stock in a transaction dated Monday, March 5th. The stock was sold at an average price of $26.01, for a total value of $1,414,241.73. Following the completion of the sale, the director now directly owns 8,470,378 shares in the company, valued at $220,314,531.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Lee King purchased 7,866 shares of the stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $20.87 per share, with a total value of $164,163.42. Following the completion of the acquisition, the chief executive officer now directly owns 14,108 shares of the company’s stock, valued at $294,433.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 16,327 shares of company stock valued at $340,744 and sold 576,655 shares valued at $15,147,450. 24.00% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System increased its holdings in shares of Primoris Services by 43.5% in the third quarter. California Public Employees Retirement System now owns 21,089 shares of the construction company’s stock worth $620,000 after acquiring an additional 6,389 shares in the last quarter. Bessemer Group Inc. bought a new position in shares of Primoris Services during the third quarter worth about $615,000. Convergence Investment Partners LLC bought a new position in shares of Primoris Services during the third quarter worth about $736,000. Prudential Financial Inc. bought a new position in shares of Primoris Services during the third quarter worth about $1,578,000. Finally, Citadel Advisors LLC grew its holdings in shares of Primoris Services by 87.5% during the third quarter. Citadel Advisors LLC now owns 134,526 shares of the construction company’s stock worth $3,957,000 after buying an additional 62,767 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.
COPYRIGHT VIOLATION WARNING: “Brokerages Set Primoris Services Corp (PRIM) Target Price at $29.50” was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this news story on another website, it was illegally copied and reposted in violation of international copyright & trademark laws. The original version of this news story can be read at https://www.dispatchtribunal.com/2018/03/17/brokerages-set-primoris-services-corp-prim-target-price-at-29-50.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.