Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research note released on Thursday morning.

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 equities analysts also recently weighed in on PRIM. ValuEngine downgraded shares of Primoris Services from a buy rating to a hold rating in a report on Wednesday, August 8th. BidaskClub upgraded shares of Primoris Services from a sell rating to a hold rating in a report on Thursday, October 11th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $30.75.

Shares of NASDAQ PRIM traded down $0.10 during midday trading on Thursday, reaching $23.31. The company’s stock had a trading volume of 910 shares, compared to its average volume of 158,866. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.52. Primoris Services has a fifty-two week low of $20.79 and a fifty-two week high of $28.90. The company has a market capitalization of $1.20 billion, a PE ratio of 20.27, a price-to-earnings-growth ratio of 1.49 and a beta of 1.24.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. Primoris Services had a net margin of 2.56% and a return on equity of 10.84%. The company had revenue of $908.90 million for the quarter, compared to the consensus estimate of $789.90 million. During the same period last year, the company earned $0.40 earnings per share. The firm’s revenue was up 49.4% compared to the same quarter last year. As a group, sell-side analysts expect that Primoris Services will post 1.58 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, December 28th. This represents a $0.24 dividend on an annualized basis and a yield of 1.03%. Primoris Services’s payout ratio is 20.87%.

In other Primoris Services news, Director Brian Pratt sold 725,003 shares of the company’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the transaction, the director now directly owns 6,946,451 shares in the company, valued at $174,633,778.14. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David Lee King sold 7,866 shares of the company’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.44, for a total transaction of $200,111.04. Following the completion of the transaction, the chief executive officer now owns 6,242 shares in the company, valued at $158,796.48. The disclosure for this sale can be found here. 19.50% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. increased its stake in shares of Primoris Services by 143.7% in the third quarter. Marshall Wace North America L.P. now owns 36,732 shares of the construction company’s stock valued at $912,000 after buying an additional 21,660 shares during the period. Macquarie Group Ltd. increased its stake in shares of Primoris Services by 0.4% in the third quarter. Macquarie Group Ltd. now owns 1,869,272 shares of the construction company’s stock valued at $46,396,000 after buying an additional 8,122 shares during the period. IndexIQ Advisors LLC increased its stake in shares of Primoris Services by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 91,003 shares of the construction company’s stock valued at $2,259,000 after buying an additional 3,437 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Primoris Services by 75.6% in the third quarter. Thrivent Financial for Lutherans now owns 1,374,995 shares of the construction company’s stock valued at $34,128,000 after buying an additional 591,928 shares during the period. Finally, MetLife Investment Advisors LLC increased its stake in shares of Primoris Services by 57.1% in the third quarter. MetLife Investment Advisors LLC now owns 28,043 shares of the construction company’s stock valued at $696,000 after buying an additional 10,198 shares during the period. Hedge funds and other institutional investors own 77.42% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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