Zacks Investment Research Downgrades Primoris Services Corp. (PRIM) to Sell
Primoris Services Corp. (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued 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. Wunderlich raised their target price on shares of Primoris Services Corp. from $23.00 to $25.00 and gave the stock 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. Seaport Global Securities raised shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. Finally, DA Davidson lowered shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $24.60.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 22.88 on Thursday. Primoris Services Corp. has a 12 month low of $16.13 and a 12 month high of $25.25. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 47.77 and a beta of 1.57. The company’s 50 day moving average price is $20.69 and its 200 day moving average price is $19.87.
Primoris Services Corp. (NASDAQ:PRIM) last issued its earnings results 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 analysts’ expectations of $536.07 million. Primoris Services Corp. had a return on equity of 6.87% and a net margin of 1.31%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share. On average, equities analysts expect that Primoris Services Corp. will post $0.73 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 16th. Stockholders of record on Saturday, December 31st will be paid a dividend of $0.055 per share. The ex-dividend date is Wednesday, December 28th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.96%. Primoris Services Corp.’s dividend payout ratio is presently 45.83%.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in 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 in the last quarter. BlackRock Institutional Trust Company N.A. increased its position 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 worth $23,793,000 after buying an additional 42,811 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Primoris Services Corp. by 255.0% in the first quarter. Goldman Sachs Group Inc. now owns 51,106 shares of the company’s stock worth $1,242,000 after buying an additional 36,711 shares in the last quarter. Wellington Management Group LLP increased its position 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 worth $65,065,000 after buying an additional 133,143 shares in the last quarter. Finally, Barclays PLC increased its position in Primoris Services Corp. by 341.1% in the first quarter. Barclays PLC now owns 12,352 shares of the company’s stock worth $296,000 after buying an additional 9,552 shares in the last quarter. Hedge funds and other institutional investors own 73.59% 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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