Primoris Services (PRIM) Rating Increased to Hold at Zacks Investment Research

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Primoris Services (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “

Several other research firms have also issued reports on PRIM. ValuEngine raised Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. BidaskClub lowered Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, September 5th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.75.

PRIM stock opened at $22.71 on Thursday. The company has a market capitalization of $1.20 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.43 and a quick ratio of 1.43. Primoris Services has a 12-month low of $20.79 and a 12-month high of $28.90.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $908.90 million during the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. Primoris Services’s quarterly revenue was up 49.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. Analysts anticipate that Primoris Services will post 1.58 earnings per share for the current fiscal year.

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

A number of institutional investors have recently bought and sold shares of PRIM. Deprince Race & Zollo Inc. purchased a new position in Primoris Services in the third quarter valued at approximately $30,721,000. Thrivent Financial for Lutherans lifted its position in shares of Primoris Services by 75.6% during the third quarter. Thrivent Financial for Lutherans now owns 1,374,995 shares of the construction company’s stock worth $34,128,000 after acquiring an additional 591,928 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Primoris Services during the second quarter worth $13,951,000. Alliancebernstein L.P. lifted its position in shares of Primoris Services by 52.4% during the third quarter. Alliancebernstein L.P. now owns 1,272,707 shares of the construction company’s stock worth $31,589,000 after acquiring an additional 437,629 shares in the last quarter. Finally, Hillcrest Asset Management LLC purchased a new stake in shares of Primoris Services during the second quarter worth $10,422,000. Institutional investors and hedge funds 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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