Primoris Services (PRIM) Upgraded at BidaskClub

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

A number of other equities research analysts also recently weighed in on PRIM. ValuEngine downgraded shares of Primoris Services from a buy rating to a hold rating in a research report on Wednesday, August 8th. Zacks Investment Research upgraded shares of Primoris Services from a sell rating to a hold rating in a research report on Wednesday, July 11th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Primoris Services has an average rating of Hold and an average price target of $30.75.

Shares of NASDAQ:PRIM opened at $24.06 on Tuesday. Primoris Services has a 12-month low of $20.79 and a 12-month high of $28.96. The company has a market cap of $1.24 billion, a PE ratio of 20.16, a PEG ratio of 1.57 and a beta of 1.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.43 and a quick ratio of 1.55.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The company had revenue of $908.90 million during the quarter, compared to analysts’ expectations of $789.90 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business’s revenue was up 49.4% on a year-over-year basis. As a group, sell-side analysts predict that Primoris Services will post 1.58 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%. Primoris Services’s payout ratio is 20.87%.

In other news, Director Stephen C. Cook sold 1,964 shares of Primoris Services stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the sale, the director now directly owns 11,897 shares in the company, valued at $297,425. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Brian Pratt sold 725,003 shares of Primoris Services 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 completion of the sale, the director now owns 6,946,451 shares of the company’s stock, valued at $174,633,778.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 734,833 shares of company stock valued at $18,475,786. 19.50% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PRIM. Jane Street Group LLC acquired a new position in Primoris Services during the second quarter valued at approximately $202,000. Xact Kapitalforvaltning AB acquired a new position in Primoris Services during the first quarter valued at approximately $253,000. Global X Management Co LLC raised its position in Primoris Services by 19.1% during the second quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock valued at $359,000 after purchasing an additional 2,114 shares in the last quarter. LaSalle Street Capital Management LLC acquired a new position in Primoris Services during the third quarter valued at approximately $384,000. Finally, Victory Capital Management Inc. raised its position in Primoris Services by 15.9% during the second quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock valued at $405,000 after purchasing an additional 2,038 shares in the last quarter. Institutional investors and hedge funds 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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