Primoris Services Corp. (PRIM) Downgraded to Hold at Zacks Investment Research
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. Canaccord Genuity reissued a hold rating on shares of Primoris Services Corp. in a report on Wednesday. Seaport Global Securities raised shares of Primoris Services Corp. from a neutral rating to a buy rating and increased their price target for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. Finally, DA Davidson cut shares of Primoris Services Corp. from a buy rating to a neutral rating in a report on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Friday. The firm has a market capitalization of $1.01 billion, a PE ratio of 25.68 and a beta of 1.70. Primoris Services Corp. has a 12-month low of $16.13 and a 12-month high of $25.25. The company has a 50-day moving average price of $19.86 and a 200 day moving average price of $20.33.
Primoris Services Corp. (NASDAQ:PRIM) last announced its earnings results 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 business earned $456.81 million during the quarter, compared to analysts’ expectations of $516.76 million. During the same period in the previous year, the company posted $0.07 earnings per share. Primoris Services Corp.’s quarterly revenue was down 5.5% on a year-over-year basis. On average, equities analysts expect that Primoris Services Corp. will post $0.75 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.13%. Primoris Services Corp.’s dividend payout ratio is presently 28.95%.
A number of hedge funds have recently made changes to their positions in PRIM. Teacher Retirement System of Texas raised its stake in shares of 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. raised its stake in shares of 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 stake in shares of Primoris Services Corp. during the second quarter worth about $198,000. Paloma Partners Management Co purchased a new stake in shares of Primoris Services Corp. during the second quarter worth about $200,000. Finally, BlackRock Inc. raised its stake in shares of Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares during the period. Hedge funds and other institutional investors 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.
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