Primoris Services (NASDAQ:PRIM) was upgraded by equities researchers at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
Several other equities research 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 report on Saturday, August 11th. BidaskClub lowered shares of Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $30.75.
Shares of Primoris Services stock traded down $0.02 during midday trading on Thursday, hitting $24.17. 191,608 shares of the company traded hands, compared to its average volume of 253,575. The firm has a market capitalization of $1.22 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.61. Primoris Services has a 12 month low of $20.79 and a 12 month high of $28.96.
In other Primoris Services news, Director Brian Pratt sold 725,003 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $25.14, for a total transaction of $18,226,575.42. Following the sale, the director now directly owns 6,946,451 shares of the company’s stock, valued at approximately $174,633,778.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Lee King sold 7,866 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 6,242 shares in the company, valued at $158,796.48. The disclosure for this sale can be found here. Insiders have sold a total of 734,833 shares of company stock worth $18,475,786 over the last three months. Insiders own 19.50% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. Jane Street Group LLC bought a new stake in Primoris Services during the 2nd quarter worth approximately $202,000. Xact Kapitalforvaltning AB bought a new stake in Primoris Services during the 1st quarter worth approximately $253,000. Global X Management Co LLC grew its holdings in Primoris Services by 19.1% during the 2nd quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock worth $359,000 after acquiring an additional 2,114 shares during the last quarter. LaSalle Street Capital Management LLC acquired a new position in shares of Primoris Services in the 3rd quarter worth approximately $384,000. Finally, Victory Capital Management Inc. lifted its position in shares of 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 purchasing an additional 2,038 shares during the period. 76.93% of the stock is currently owned by hedge funds and other 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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