Zacks Investment Research cut shares of Primoris Services Corporation (NASDAQ:PRIM) from a strong-buy rating to a hold rating in a research report released on Wednesday.

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 research firms also recently commented on PRIM. Seaport Global Securities restated a buy rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. KeyCorp restated a hold rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. TheStreet upgraded Primoris Services Corporation from a c+ rating to a b- rating in a research report on Friday, August 11th. BidaskClub upgraded Primoris Services Corporation from a sell rating to a hold rating in a research report on Thursday, August 10th. Finally, Canaccord Genuity lifted their target price on Primoris Services Corporation from $28.00 to $30.00 and gave the company a buy rating in a research report on Wednesday, August 9th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $29.00.

Shares of Primoris Services Corporation (NASDAQ:PRIM) traded up 1.01% during trading on Wednesday, reaching $27.93. The company’s stock had a trading volume of 420,899 shares. Primoris Services Corporation has a 1-year low of $18.71 and a 1-year high of $30.00. The company has a market capitalization of $1.44 billion, a PE ratio of 30.39 and a beta of 1.55. The stock has a 50 day moving average of $28.70 and a 200-day moving average of $25.53.

Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.11. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. The firm had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same quarter last year, the business posted $0.10 earnings per share. The firm’s revenue was up 38.2% compared to the same quarter last year. On average, analysts expect that Primoris Services Corporation will post $1.19 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which was paid on Saturday, October 14th. Shareholders of record on Friday, September 29th were given a $0.055 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.79%. Primoris Services Corporation’s dividend payout ratio is currently 23.40%.

In other Primoris Services Corporation news, Director Brian Pratt sold 88,500 shares of Primoris Services Corporation stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $28.67, for a total value of $2,537,295.00. Following the sale, the director now owns 8,659,574 shares in the company, valued at $248,269,986.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services Corporation stock in a transaction on Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares in the company, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Insiders sold 1,548,356 shares of company stock worth $43,921,202 in the last 90 days. Company insiders own 24.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PRIM. Van Berkom & Associates Inc. grew its stake in shares of Primoris Services Corporation by 16.0% in the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock valued at $59,125,000 after buying an additional 327,189 shares in the last quarter. Bar Harbor Trust Services acquired a new stake in shares of Primoris Services Corporation in the second quarter valued at $4,202,000. Value Holdings Management CO. LLC grew its stake in shares of Primoris Services Corporation by 37.8% in the second quarter. Value Holdings Management CO. LLC now owns 477,343 shares of the construction company’s stock valued at $11,905,000 after buying an additional 131,031 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Primoris Services Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock valued at $74,612,000 after buying an additional 116,098 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Primoris Services Corporation by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 2,120,930 shares of the construction company’s stock valued at $49,247,000 after buying an additional 95,295 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

About Primoris Services Corporation

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.

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Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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