Primoris Services Corp. (NASDAQ:PRIM) was downgraded by analysts at Avondale Partners from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday.

PRIM has been the topic of a number of other reports. Zacks Investment Research lowered shares of Primoris Services Corp. from a “buy” rating to a “hold” rating in a research note on Friday, November 11th. Canaccord Genuity restated a “hold” rating on shares of Primoris Services Corp. in a research note on Wednesday, October 12th. Wunderlich lifted 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 note on Wednesday, November 9th. Seaport Global Securities upgraded shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $24.00 in a research note on Thursday, August 25th. Finally, DA Davidson lowered shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $24.60.

Analyst Recommendations for Primoris Services Corp. (NASDAQ:PRIM)

Primoris Services Corp. (NASDAQ:PRIM) opened at 23.12 on Friday. The company’s 50 day moving average is $20.76 and its 200 day moving average is $19.84. The firm has a market cap of $1.20 billion, a P/E ratio of 48.27 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 results on Tuesday, November 8th. The company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.16. Primoris Services Corp. had a return on equity of 6.87% and a net margin of 1.31%. The company had revenue of $507.80 million for the quarter, compared to analyst estimates of $536.07 million. During the same quarter in the prior year, the business earned $0.37 earnings per share. Primoris Services Corp.’s revenue was down 8.7% compared to the same quarter last year. Equities research analysts forecast that Primoris Services Corp. will post $0.73 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 16th. Stockholders of record on Saturday, December 31st will be issued a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Wednesday, December 28th. Primoris Services Corp.’s payout ratio is 45.83%.

Several hedge funds have recently modified their holdings of the stock. Teacher Retirement System of Texas increased 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 valued at $109,000 after buying an additional 997 shares during the last quarter. First Mercantile Trust Co. increased 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 valued at $115,000 after buying an additional 1,209 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Primoris Services Corp. during the second quarter valued at $198,000. Paloma Partners Management Co purchased a new stake in shares of Primoris Services Corp. during the second quarter valued at $200,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Primoris Services Corp. during the second quarter valued at $243,000. 73.59% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NASDAQ:PRIM

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