Primoris Services (PRIM) Downgraded by Zacks Investment Research to Sell

Primoris Services (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

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. “

PRIM has been the subject of a number of other reports. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, October 11th. ValuEngine lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, DA Davidson lifted their price target on shares of Primoris Services to $34.00 and gave the stock a “buy” rating in a research note on Friday, June 22nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $30.75.

Shares of Primoris Services stock opened at $22.27 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.55 and a quick ratio of 1.55. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.43 and a beta of 1.13. Primoris Services has a 52-week low of $22.20 and a 52-week high of $28.96.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Tuesday, August 7th. The construction company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. The business had revenue of $648.79 million during the quarter, compared to analysts’ expectations of $593.65 million. Primoris Services had a net margin of 2.37% and a return on equity of 8.23%. As a group, research analysts predict that Primoris Services will post 1.6 EPS for the current year.

In related news, Director Stephen C. Cook sold 1,964 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $25.00, for a total transaction of $49,100.00. Following the completion of the sale, the director now directly owns 11,897 shares in the company, valued at $297,425. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Lee King sold 7,866 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $25.44, for a total transaction of $200,111.04. Following the sale, the chief executive officer now owns 6,242 shares of the company’s stock, valued at $158,796.48. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock valued at $18,475,786 over the last 90 days. 19.50% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PRIM. Jane Street Group LLC bought a new stake in Primoris Services during the second quarter valued at approximately $202,000. Element Capital Management LLC bought a new stake in Primoris Services during the first quarter valued at approximately $221,000. Verition Fund Management LLC bought a new stake in Primoris Services during the first quarter valued at approximately $222,000. Xact Kapitalforvaltning AB bought a new stake in Primoris Services during the first quarter valued at approximately $253,000. Finally, Global X Management Co LLC grew its position in Primoris Services by 19.1% during the second quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock valued at $359,000 after buying an additional 2,114 shares during the period. Institutional investors own 74.18% 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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