Primoris Services Corp. (PRIM) Lifted to Hold at Zacks Investment Research
Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “
A number of other brokerages have also commented on PRIM. Seaport Global Securities raised Primoris Services Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a report on Thursday, August 25th. DA Davidson downgraded Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 21.27 on Thursday. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 28.02 and a beta of 1.70. The company has a 50-day moving average price of $19.50 and a 200-day moving average price of $20.48. Primoris Services Corp. has a 12 month low of $16.13 and a 12 month high of $25.25.
Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The firm earned $456.81 million during the quarter, compared to analyst estimates of $516.76 million. During the same period in the prior year, the company earned $0.07 earnings per share. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. Equities analysts forecast that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.03%. Primoris Services Corp.’s dividend payout ratio is currently 28.95%.
Several hedge funds have recently made changes to their positions in the company. Capital Fund Management S.A. acquired a new stake in shares of Primoris Services Corp. during the second quarter valued at $854,000. CIBC World Markets Inc. increased its stake in shares of Primoris Services Corp. by 3.2% in the second quarter. CIBC World Markets Inc. now owns 315,076 shares of the company’s stock valued at $5,964,000 after buying an additional 9,800 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in shares of Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock valued at $42,100,000 after buying an additional 262,147 shares in the last quarter. LaSalle Street Capital Management LLC increased its stake in shares of Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock valued at $375,000 after buying an additional 327 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its stake in shares of Primoris Services Corp. by 3.6% in the second quarter. Eagle Asset Management Inc. now owns 155,719 shares of the company’s stock valued at $2,947,000 after buying an additional 5,468 shares in the last quarter. Institutional investors and hedge funds own 74.49% of the company’s stock.
Primoris Services Corp. Company Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
Receive News & Stock Ratings for Primoris Services Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corp. and related stocks with our FREE daily email newsletter.