ValuEngine Upgrades Primoris Services (PRIM) to Hold

Primoris Services (NASDAQ:PRIM) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued on Thursday.

Other equities analysts also recently issued reports about the company. Zacks Investment Research downgraded Primoris Services from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. BidaskClub upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Primoris Services currently has an average rating of “Hold” and an average target price of $30.75.

Shares of NASDAQ:PRIM opened at $24.06 on Thursday. Primoris Services has a 1-year low of $20.79 and a 1-year high of $28.96. The company has a quick ratio of 1.55, a current ratio of 1.43 and a debt-to-equity ratio of 0.52. The firm has a market cap of $1.24 billion, a PE ratio of 20.16, a P/E/G ratio of 1.57 and a beta of 1.24.

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

In related news, Director Brian Pratt sold 725,003 shares of Primoris Services stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $25.14, for a total value of $18,226,575.42. Following the completion of the sale, the director now directly owns 6,946,451 shares in the company, valued at approximately $174,633,778.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Cook sold 1,964 shares of Primoris Services stock in a transaction dated Friday, September 7th. The stock was 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 owns 11,897 shares of the company’s stock, valued at $297,425. The disclosure for this sale can be found here. Insiders sold a total of 734,833 shares of company stock valued at $18,475,786 over the last quarter. 19.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board bought a new stake in Primoris Services in the 3rd quarter worth about $685,000. Value Holdings Management CO. LLC increased its holdings in Primoris Services by 1.4% in the 3rd quarter. Value Holdings Management CO. LLC now owns 435,175 shares of the construction company’s stock worth $10,801,000 after buying an additional 6,000 shares in the last quarter. BlackRock Inc. increased its holdings in Primoris Services by 4.3% in the 3rd quarter. BlackRock Inc. now owns 2,762,336 shares of the construction company’s stock worth $68,561,000 after buying an additional 113,251 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Primoris Services by 52.4% in the 3rd quarter. Alliancebernstein L.P. now owns 1,272,707 shares of the construction company’s stock worth $31,589,000 after buying an additional 437,629 shares in the last quarter. Finally, LaSalle Street Capital Management LLC bought a new stake in Primoris Services in the 3rd quarter worth about $384,000. Institutional investors 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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