Primoris Services Corp. (PRIM) Receives $24.50 Consensus Target Price from Analysts
Shares of Primoris Services Corp. (NASDAQ:PRIM) have been given a consensus rating of “Hold” by the seven ratings firms that are covering the firm. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $24.50.
A number of brokerages have recently commented on PRIM. Zacks Investment Research lowered shares of Primoris Services Corp. from a “hold” rating to a “sell” rating in a research report on Thursday. DA Davidson lowered shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. Wunderlich upped their price objective on shares of Primoris Services Corp. from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Wednesday, November 9th. Canaccord Genuity reaffirmed a “hold” rating on shares of Primoris Services Corp. in a research report on Wednesday, October 12th. Finally, Seaport Global Securities raised shares of 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 research report on Thursday, August 25th.
Primoris Services Corp. (NASDAQ:PRIM) opened at 24.00 on Monday. The firm has a 50-day moving average price of $20.54 and a 200-day moving average price of $19.85. The firm has a market capitalization of $1.24 billion, a P/E ratio of 50.10 and a beta of 1.57. Primoris Services Corp. has a 52 week low of $16.13 and a 52 week high of $25.25.
Primoris Services Corp. (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, November 8th. The company reported $0.09 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.16. The company had revenue of $507.80 million for the quarter, compared to analyst estimates of $536.07 million. Primoris Services Corp. had a net margin of 1.31% and a return on equity of 6.87%. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 EPS. Equities analysts forecast that Primoris Services Corp. will post $0.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 16th. Stockholders of record on Saturday, December 31st will be issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Wednesday, December 28th. Primoris Services Corp.’s payout ratio is 45.83%.
Several hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in 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 last quarter. BlackRock Inc. raised its stake in 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 last quarter. Capital Fund Management S.A. purchased a new stake in Primoris Services Corp. during the second quarter valued at $854,000. BlackRock Institutional Trust Company N.A. raised its stake in 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 last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Primoris Services Corp. during the second quarter valued at $533,000. 73.35% of the stock is owned by institutional investors.
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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