Primoris Services Corp. (PRIM) Cut to Hold at Zacks Investment Research
Primoris Services Corp. (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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. “
Other equities analysts have also recently issued research reports about the company. Seaport Global Securities upgraded Primoris Services Corp. from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $24.00 in a report on Thursday, August 25th. Wunderlich lifted their price target on Primoris Services Corp. from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity reiterated a “hold” rating on shares of Primoris Services Corp. in a report on Wednesday, October 12th. Finally, DA Davidson cut Primoris Services Corp. from a “buy” rating to a “neutral” rating in a 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. The company presently has an average rating of “Hold” and a consensus price target of $24.60.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 23.13 on Friday. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 30.47 and a beta of 1.57. Primoris Services Corp. has a 1-year low of $16.13 and a 1-year high of $25.25. The stock has a 50 day moving average price of $20.18 and a 200 day moving average price of $19.87.
Primoris Services Corp. (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.16. The company earned $507.80 million during the quarter, compared to the consensus estimate of $536.07 million. Primoris Services Corp. had a net margin of 1.31% and a return on equity of 6.87%. Primoris Services Corp.’s revenue was down 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 EPS. Analysts forecast that Primoris Services Corp. will post $0.74 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 16th. Shareholders of record on Saturday, December 31st will be given a dividend of $0.055 per share. The ex-dividend date is Wednesday, December 28th. This represents a $0.22 annualized dividend and a yield of 0.95%. Primoris Services Corp.’s dividend payout ratio (DPR) is presently 45.83%.
A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its stake in shares of Primoris Services Corp. by 5.2% in the first quarter. Wellington Management Group LLP now owns 2,677,601 shares of the company’s stock valued at $65,065,000 after buying an additional 133,143 shares during the period. BlackRock Inc. increased 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 valued at $256,000 after buying an additional 1,670 shares during the period. Capital Fund Management S.A. bought a new stake in shares of Primoris Services Corp. during the second quarter valued at about $854,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of Primoris Services Corp. by 4.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,153 shares of the company’s stock valued at $23,793,000 after buying an additional 42,811 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Primoris Services Corp. during the second quarter valued at about $533,000. Hedge funds and other institutional investors own 74.44% 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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