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.
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.
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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.
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