Primoris Services Corp. (PRIM) Coverage Initiated by Analysts at Sidoti
Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Primoris Services Corp. from a hold rating to a strong sell rating in a report on Wednesday, August 10th. DA Davidson downgraded shares of Primoris Services Corp. from a buy rating to a neutral rating in a report on Thursday, August 4th. Avondale Partners downgraded shares of Primoris Services Corp. from an outperform rating to a market perform rating in a report on Friday. Wunderlich raised their price objective on shares of Primoris Services Corp. from $23.00 to $25.00 and gave the stock a buy rating in a report on Wednesday, November 9th. Finally, Seaport Global Securities raised shares of Primoris Services Corp. from a neutral rating to a buy rating and raised their price objective for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $24.60.
Primoris Services Corp. (NASDAQ:PRIM) opened at 23.12 on Monday. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The firm has a 50-day moving average of $20.76 and a 200 day moving average of $19.84. The company has a market cap of $1.20 billion, a PE ratio of 48.27 and a beta of 1.57.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, November 8th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by $0.16. The business had revenue of $507.80 million for the quarter, compared to the consensus estimate of $536.07 million. Primoris Services Corp. had a return on equity of 6.87% and a net margin of 1.31%. Primoris Services Corp.’s revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.37 earnings per share. Equities research analysts expect that Primoris Services Corp. will post $0.73 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 16th. Investors of record on Saturday, December 31st will be paid a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Wednesday, December 28th. Primoris Services Corp.’s payout ratio is 45.83%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD purchased a new position in Primoris Services Corp. during the third quarter valued at $282,000. Credit Suisse AG raised its position in Primoris Services Corp. by 0.5% in the third quarter. Credit Suisse AG now owns 87,604 shares of the company’s stock valued at $1,805,000 after buying an additional 434 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Primoris Services Corp. during the third quarter valued at $572,000. Two Sigma Advisers LP raised its position in Primoris Services Corp. by 542.1% in the third quarter. Two Sigma Advisers LP now owns 120,817 shares of the company’s stock valued at $2,489,000 after buying an additional 102,001 shares during the last quarter. Finally, Susquehanna International Group LLP raised its position in Primoris Services Corp. by 17.5% in the third quarter. Susquehanna International Group LLP now owns 32,334 shares of the company’s stock valued at $666,000 after buying an additional 4,818 shares during the last quarter. 73.59% of the stock is currently owned by institutional investors and hedge funds.
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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