ValuEngine upgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a buy rating in a research note published on Thursday morning.
PRIM has been the topic of a number of other reports. Zacks Investment Research cut Primoris Services from a hold rating to a strong sell rating in a report on Thursday, December 28th. BidaskClub cut Primoris Services from a hold rating to a sell rating in a report on Saturday, January 6th. Sidoti upgraded Primoris Services from a neutral rating to a buy rating in a report 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 restated a hold rating and issued a $28.00 target price on shares of Primoris Services in a report on Tuesday, February 27th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $29.50.
PRIM opened at $26.34 on Thursday. 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 quick ratio of 1.46 and a current ratio of 1.55. The firm has a market capitalization of $1,378.96, a PE ratio of 22.90, a PEG ratio of 1.67 and a beta of 1.17.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, February 27th. The construction company reported $0.25 EPS for the quarter, topping the Zacks’ 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 company had revenue of $579.02 million for the quarter, compared to the consensus estimate of $558.67 million. During the same quarter in the previous year, the business earned $0.28 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. research analysts forecast that Primoris Services will post 1.6 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, April 13th. Investors of record on Friday, March 30th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Wednesday, March 28th. Primoris Services’s payout ratio is 20.87%.
In other Primoris Services news, COO Thomas Edward Mccormick purchased 5,266 shares of the stock in a transaction dated Monday, February 26th. The shares were acquired at an average price of $20.87 per share, for a total transaction of $109,901.42. Following the completion of the acquisition, the chief operating officer now owns 9,045 shares of the company’s stock, valued at approximately $188,769.15. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Lee King purchased 7,866 shares of the stock in a transaction dated Monday, February 26th. The shares were acquired at an average price of $20.87 per share, for a total transaction of $164,163.42. Following the acquisition, the chief executive officer now directly owns 14,108 shares of the company’s stock, valued at approximately $294,433.96. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 16,327 shares of company stock worth $340,744 and sold 522,675 shares worth $13,636,726. Insiders own 19.50% of the company’s stock.
Hedge funds have recently modified their holdings of the company. California Public Employees Retirement System grew its holdings in shares of Primoris Services by 16.8% during the fourth quarter. California Public Employees Retirement System now owns 24,633 shares of the construction company’s stock valued at $670,000 after buying an additional 3,544 shares in the last quarter. HBK Investments L P grew its holdings in shares of Primoris Services by 75.6% during the fourth quarter. HBK Investments L P now owns 52,500 shares of the construction company’s stock valued at $1,427,000 after buying an additional 22,600 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Primoris Services by 33.9% during the fourth quarter. Bank of New York Mellon Corp now owns 340,516 shares of the construction company’s stock valued at $9,258,000 after buying an additional 86,220 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Primoris Services by 36.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 408,131 shares of the construction company’s stock valued at $11,098,000 after buying an additional 108,152 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Primoris Services during the fourth quarter valued at $381,000. Institutional investors and hedge funds own 71.76% of the company’s stock.
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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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