Primoris Services (PRIM) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research report report published on Wednesday.

According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “

Several other research firms have also recently weighed in on PRIM. BidaskClub upgraded Primoris Services from a buy rating to a strong-buy rating in a research note on Tuesday, June 12th. Stephens restated a hold rating and set a $28.00 target price on shares of Primoris Services in a research note on Tuesday, February 27th. ValuEngine cut Primoris Services from a buy rating to a hold rating in a research note on Wednesday, May 9th. DA Davidson boosted their target price on Primoris Services to $34.00 and gave the stock a buy rating in a research note on Friday, June 22nd. Finally, Canaccord Genuity boosted their target price on Primoris Services from $30.00 to $32.00 and gave the stock a buy rating in a research note on Wednesday, May 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $30.80.

PRIM stock opened at $28.06 on Wednesday. The company has a market cap of $1.45 billion, a P/E ratio of 28.21, a price-to-earnings-growth ratio of 1.79 and a beta of 1.18. Primoris Services has a fifty-two week low of $23.61 and a fifty-two week high of $30.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.58 and a quick ratio of 1.58.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Tuesday, May 8th. The construction company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $504.10 million during the quarter, compared to analysts’ expectations of $485.10 million. Primoris Services had a return on equity of 9.50% and a net margin of 2.81%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.15 earnings per share. sell-side analysts anticipate that Primoris Services will post 1.58 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Thursday, June 28th. Primoris Services’s dividend payout ratio is currently 20.87%.

In other Primoris Services news, VP John M. Perisich sold 9,055 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $25.14, for a total value of $227,642.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian Pratt sold 53,037 shares of the business’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $25.00, for a total value of $1,325,925.00. Following the completion of the sale, the director now owns 7,838,661 shares of the company’s stock, valued at approximately $195,966,525. The disclosure for this sale can be found here. In the last quarter, insiders sold 592,164 shares of company stock valued at $15,618,609. 19.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PRIM. Van Berkom & Associates Inc. lifted its stake in Primoris Services by 32.2% in the first quarter. Van Berkom & Associates Inc. now owns 2,713,980 shares of the construction company’s stock valued at $67,795,000 after buying an additional 661,497 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Primoris Services in the fourth quarter valued at approximately $4,267,000. Eagle Asset Management Inc. lifted its stake in Primoris Services by 110.2% in the first quarter. Eagle Asset Management Inc. now owns 279,522 shares of the construction company’s stock valued at $6,982,000 after buying an additional 146,570 shares during the last quarter. Denver Investment Advisors LLC purchased a new stake in Primoris Services in the first quarter valued at approximately $3,561,000. Finally, BlackRock Inc. lifted its stake in 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 buying an additional 133,239 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.

About Primoris Services

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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