Primoris Services (PRIM) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research report released on Tuesday.

Other equities analysts also recently issued reports about the company. ValuEngine downgraded Primoris Services from a buy rating to a hold rating in a research note on Wednesday, August 8th. Zacks Investment Research upgraded Primoris Services from a sell rating to a hold rating in a research note on Wednesday, July 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $30.75.

NASDAQ PRIM opened at $23.56 on Tuesday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 1.45 and a beta of 1.24. Primoris Services has a 12 month low of $20.79 and a 12 month high of $28.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.55 and a current ratio of 1.55.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.04. The firm had revenue of $908.90 million for the quarter, compared to the consensus estimate of $789.90 million. Primoris Services had a return on equity of 8.23% and a net margin of 2.37%. The company’s revenue for the quarter was up 49.4% on a year-over-year basis. During the same period last year, the business posted $0.40 EPS. On average, research analysts expect that Primoris Services will post 1.54 EPS for the current fiscal year.

In related news, CEO David Lee King sold 7,866 shares of Primoris Services stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.44, for a total transaction of $200,111.04. Following the transaction, the chief executive officer now directly owns 6,242 shares in the company, valued at $158,796.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the transaction, the director now owns 6,946,451 shares in the company, valued at $174,633,778.14. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock worth $18,475,786 over the last quarter. 19.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRIM. Deprince Race & Zollo Inc. purchased a new position in Primoris Services during the third quarter valued at $30,721,000. Segall Bryant & Hamill LLC purchased a new position in Primoris Services during the second quarter valued at $13,951,000. Hillcrest Asset Management LLC purchased a new position in Primoris Services during the second quarter valued at $10,422,000. Russell Investments Group Ltd. lifted its position in Primoris Services by 1,265.7% during the third quarter. Russell Investments Group Ltd. now owns 271,061 shares of the construction company’s stock valued at $6,728,000 after purchasing an additional 251,213 shares in the last quarter. Finally, BlackRock Inc. lifted its position in Primoris Services by 8.7% during the second quarter. BlackRock Inc. now owns 2,649,085 shares of the construction company’s stock valued at $72,135,000 after purchasing an additional 212,126 shares in the last quarter. Institutional investors own 76.93% 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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