Primoris Services Corp. (PRIM) Upgraded by Zacks Investment Research to Buy
Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $22.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.62% from the company’s current price.
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. “
PRIM has been the subject of several other reports. Seaport Global Securities upgraded Primoris Services Corp. from a “neutral” rating to a “buy” rating and raised their target price for the company from $20.00 to $24.00 in a research note on Thursday, August 25th. DA Davidson downgraded Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $24.80.
Primoris Services Corp. (NASDAQ:PRIM) opened at 19.71 on Wednesday. The company has a market cap of $1.02 billion, a P/E ratio of 25.97 and a beta of 1.70. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The stock’s 50 day moving average price is $19.81 and its 200-day moving average price is $20.37.
Primoris Services Corp. (NASDAQ:PRIM) last announced its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.22 by $0.12. The business had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The firm’s revenue was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.07 earnings per share. On average, equities analysts predict that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.055 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 1.12%. Primoris Services Corp.’s dividend payout ratio (DPR) is 28.95%.
A number of institutional investors have recently bought and sold shares of PRIM. Teacher Retirement System of Texas increased its position in Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock worth $109,000 after buying an additional 997 shares during the period. First Mercantile Trust Co. increased its position in Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock worth $115,000 after buying an additional 1,209 shares during the period. GSA Capital Partners LLP purchased a new position in Primoris Services Corp. during the second quarter worth approximately $198,000. Paloma Partners Management Co purchased a new position in Primoris Services Corp. during the second quarter worth approximately $200,000. Finally, AQR Capital Management LLC purchased a new position in Primoris Services Corp. during the second quarter worth approximately $243,000. Institutional investors and hedge funds own 74.49% of the company’s stock.
About Primoris Services Corp.
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.
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