Primoris Services (PRIM) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research report released on Friday, March 16th.

A number of other analysts have also weighed in on PRIM. Zacks Investment Research raised Primoris Services from a sell rating to a hold rating in a research note on Wednesday, December 13th. Sidoti raised Primoris Services from a neutral rating to a buy rating in a research note on Wednesday, February 28th. DA Davidson upgraded Primoris Services from a neutral rating to a buy rating in a report on Wednesday, February 28th. Finally, Stephens reiterated a hold rating and issued a $28.00 price objective on shares of Primoris Services in a report on Tuesday, February 27th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $29.50.

How to Become a New Pot Stock Millionaire

Shares of NASDAQ:PRIM traded down $0.31 during midday trading on Friday, reaching $25.93. The company had a trading volume of 316,355 shares, compared to its average volume of 287,484. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.55. The company has a market capitalization of $1,336.20, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 1.62 and a beta of 1.17. Primoris Services has a 52-week low of $21.83 and a 52-week high of $30.00.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, February 27th. The construction company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.02. Primoris Services had a net margin of 3.04% and a return on equity of 11.11%. The company had revenue of $579.02 million for the quarter, compared to analysts’ expectations of $558.67 million. During the same period in the prior year, the business earned $0.28 earnings per share. Primoris Services’s revenue for the quarter was down 3.8% compared to the same quarter last year. research analysts predict that Primoris Services will post 1.6 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Investors 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 dividend on an annualized basis and a yield of 0.93%. Primoris Services’s dividend payout ratio is presently 20.87%.

In related news, CEO David Lee King acquired 7,866 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $20.87 per share, for a total transaction of $164,163.42. Following the purchase, the chief executive officer now directly owns 14,108 shares of the company’s stock, valued at approximately $294,433.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Pratt sold 181,638 shares of the company’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $26.02, for a total value of $4,726,220.76. Following the sale, the director now owns 8,036,941 shares of the company’s stock, valued at $209,121,204.82. The disclosure for this sale can be found here. Over the last three months, insiders purchased 16,327 shares of company stock worth $340,744 and sold 522,675 shares worth $13,636,726. 24.00% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in PRIM. American Century Companies Inc. increased its position in Primoris Services by 750.3% during the 4th quarter. American Century Companies Inc. now owns 243,431 shares of the construction company’s stock valued at $6,619,000 after buying an additional 214,802 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Primoris Services in the fourth quarter valued at about $4,267,000. BlackRock Inc. increased its holdings in shares of Primoris Services by 5.6% in the fourth quarter. BlackRock Inc. now owns 2,523,501 shares of the construction company’s stock valued at $68,614,000 after purchasing an additional 133,239 shares during the period. QS Investors LLC increased its holdings in shares of Primoris Services by 187,367.7% in the fourth quarter. QS Investors LLC now owns 116,230 shares of the construction company’s stock valued at $3,160,000 after purchasing an additional 116,168 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of Primoris Services by 242.1% in the third quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock valued at $4,800,000 after purchasing an additional 115,450 shares during the period. 71.76% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: This report was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this report on another site, it was illegally copied and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be read at https://www.dispatchtribunal.com/2018/04/09/primoris-services-prim-upgraded-to-hold-by-bidaskclub.html.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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