Wall Street Zen Upgrades Primoris Services (NYSE:PRIM) to Hold

Primoris Services (NYSE:PRIM) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also recently issued reports on PRIM. Guggenheim decreased their price objective on Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Piper Sandler started coverage on Primoris Services in a research report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 target price for the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $105.00 target price on shares of Primoris Services in a report on Tuesday, September 29th. UBS Group restated a “neutral” rating on shares of Primoris Services in a research report on Monday, August 10th. Finally, Roth Capital restated a “buy” rating and issued a $100.00 price target on shares of Primoris Services in a research report on Monday, July 20th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $116.20.

Primoris Services Stock Up 0.1%

Shares of PRIM stock opened at $65.46 on Friday. The stock has a market cap of $3.44 billion, a P/E ratio of 36.98 and a beta of 1.44. Primoris Services has a 52 week low of $57.72 and a 52 week high of $205.50. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $74.55 and its two-hundred day simple moving average is $111.35.

Primoris Services (NYSE:PRIM) last issued its earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The business’s revenue was down 10.4% compared to the same quarter last year. Analysts predict that Primoris Services will post 1.77 EPS for the current fiscal year.

Institutional Trading of Primoris Services

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC acquired a new stake in Primoris Services in the 2nd quarter worth approximately $26,000. Salomon & Ludwin LLC grew its position in Primoris Services by 107.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 377 shares of the company’s stock worth $28,000 after purchasing an additional 195 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in Primoris Services during the 2nd quarter valued at approximately $36,000. Osterweis Capital Management Inc. acquired a new position in Primoris Services during the 2nd quarter valued at approximately $43,000. Finally, Signaturefd LLC increased its stake in Primoris Services by 225.4% during the 3rd quarter. Signaturefd LLC now owns 576 shares of the company’s stock valued at $43,000 after purchasing an additional 399 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors.

The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance.

Primoris serves customers primarily in the United States and Canada.