Primoris Services (PRIM) Lifted to Hold at BidaskClub

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

Several other analysts have also issued reports on the stock. Zacks Investment Research raised shares of Primoris Services from a hold rating to a strong-buy rating and set a $29.00 price target on the stock in a research report on Saturday, August 11th. ValuEngine lowered shares of Primoris Services from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $30.75.

Shares of NASDAQ PRIM traded down $0.21 during midday trading on Tuesday, hitting $23.96. The company’s stock had a trading volume of 69,984 shares, compared to its average volume of 194,090. Primoris Services has a one year low of $20.79 and a one year high of $28.96. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.22 billion, a P/E ratio of 20.83, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. Primoris Services had a net margin of 2.56% and a return on equity of 10.95%. The company had revenue of $908.90 million for the quarter, compared to analyst estimates of $789.90 million. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s quarterly revenue was up 49.4% compared to the same quarter last year. Equities analysts expect that Primoris Services will post 1.54 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, December 28th. This represents a $0.24 annualized dividend and a yield of 1.00%. Primoris Services’s dividend payout ratio is currently 20.87%.

In related news, 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 completion of the transaction, the chief executive officer now owns 6,242 shares of the company’s stock, valued at $158,796.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the director now directly owns 11,897 shares of the company’s stock, valued at approximately $297,425. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 734,833 shares of company stock valued at $18,475,786. 19.50% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of PRIM. Jane Street Group LLC purchased a new position in Primoris Services in the 2nd quarter worth approximately $202,000. Xact Kapitalforvaltning AB purchased a new position in Primoris Services in the 1st quarter worth approximately $253,000. Global X Management Co LLC grew its stake in Primoris Services by 19.1% in the 2nd quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock worth $359,000 after buying an additional 2,114 shares in the last quarter. LaSalle Street Capital Management LLC purchased a new position in Primoris Services in the 3rd quarter worth approximately $384,000. Finally, Victory Capital Management Inc. grew its stake in Primoris Services by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock worth $405,000 after buying an additional 2,038 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

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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