Primoris Services (NASDAQ:PRIM) Upgraded to Sell by BidaskClub

BidaskClub upgraded shares of Primoris Services (NASDAQ:PRIM) from a strong sell rating to a sell rating in a research report report published on Thursday, BidAskClub reports.

Separately, Zacks Investment Research downgraded shares of Primoris Services from a hold rating to a sell rating in a research note on Thursday, August 29th.

PRIM traded up $0.49 on Thursday, reaching $20.93. The company had a trading volume of 104,612 shares, compared to its average volume of 147,110. The business has a 50 day simple moving average of $19.63 and a 200 day simple moving average of $20.55. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 12.31 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.42 and a current ratio of 1.42. Primoris Services has a 52-week low of $17.80 and a 52-week high of $25.50.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $789.90 million for the quarter, compared to the consensus estimate of $749.23 million. Primoris Services had a net margin of 2.62% and a return on equity of 13.95%. Primoris Services’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period last year, the firm posted $0.31 earnings per share. As a group, equities research analysts predict that Primoris Services will post 1.69 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Friday, September 27th. Primoris Services’s dividend payout ratio (DPR) is presently 14.12%.

In other Primoris Services news, Director Brian Pratt sold 43,745 shares of Primoris Services stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $20.00, for a total transaction of $874,900.00. Following the transaction, the director now directly owns 2,114,721 shares of the company’s stock, valued at $42,294,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of the business. Van Berkom & Associates Inc. raised its stake in shares of Primoris Services by 22.0% during the second quarter. Van Berkom & Associates Inc. now owns 3,250,146 shares of the construction company’s stock worth $68,026,000 after acquiring an additional 587,063 shares in the last quarter. Hillcrest Asset Management LLC grew its holdings in shares of Primoris Services by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 510,858 shares of the construction company’s stock worth $10,692,000 after purchasing an additional 3,060 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Primoris Services in the second quarter worth approximately $6,052,000. AQR Capital Management LLC grew its holdings in shares of Primoris Services by 8.0% in the second quarter. AQR Capital Management LLC now owns 59,766 shares of the construction company’s stock worth $1,251,000 after purchasing an additional 4,414 shares during the last quarter. Finally, Divisar Capital Management LLC grew its holdings in shares of Primoris Services by 14.8% in the second quarter. Divisar Capital Management LLC now owns 310,749 shares of the construction company’s stock worth $6,504,000 after purchasing an additional 40,000 shares during the last quarter. 79.20% 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, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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