Primoris Services (PRIM) Upgraded by ValuEngine to “Hold”

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.

Primoris Services (NASDAQ:PRIM) last announced 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. The company had revenue of $908.90 million for the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a net margin of 2.56% and a return on equity of 10.95%. The firm’s revenue was up 49.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 EPS. As a group, research analysts anticipate that Primoris Services will post 1.54 earnings per share for the current year.

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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