Primoris Services Corporation (NYSE:PRIM) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of Primoris Services Corporation (NYSE:PRIM) have been assigned an average rating of “Moderate Buy” from the seventeen analysts that are covering the company, MarketBeat reports. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $123.47.

PRIM has been the subject of a number of research reports. Guggenheim lowered their price target on Primoris Services from $162.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Weiss Ratings downgraded Primoris Services from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Piper Sandler initiated coverage on Primoris Services in a research note on Wednesday, September 9th. They issued a “neutral” rating and a $90.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $99.00 target price on shares of Primoris Services in a report on Thursday, October 8th. Finally, UBS Group reiterated a “neutral” rating on shares of Primoris Services in a report on Monday, August 10th.

Primoris Services Trading Down 3.1%

NYSE:PRIM traded down $2.05 during trading hours on Friday, reaching $64.89. 1,795,752 shares of the company were exchanged, compared to its average volume of 1,530,444. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 25.45 and a beta of 1.44. Primoris Services has a 52-week low of $62.40 and a 52-week high of $205.50. The stock has a 50 day simple moving average of $76.03 and a 200 day simple moving average of $100.32.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the business earned $1.68 EPS. Primoris Services’s revenue for the quarter was down 10.7% on a year-over-year basis. As a group, analysts predict that Primoris Services will post 1.77 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, September 30th. Primoris Services’s payout ratio is 12.55%.

Institutional Investors Weigh In On Primoris Services

Several institutional investors have recently bought and sold shares of PRIM. Root Financial Partners LLC grew its stake in Primoris Services by 43.1% in the first quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after purchasing an additional 69 shares in the last quarter. Keebeck Wealth Management raised its stake in Primoris Services by 3.5% during the first quarter. Keebeck Wealth Management now owns 3,710 shares of the company’s stock valued at $531,000 after buying an additional 125 shares in the last quarter. Silver Oak Securities Incorporated raised its stake in Primoris Services by 4.4% during the first quarter. Silver Oak Securities Incorporated now owns 3,552 shares of the company’s stock valued at $508,000 after buying an additional 151 shares in the last quarter. West Tower Group LLC raised its position in shares of Primoris Services by 0.7% during the 1st quarter. West Tower Group LLC now owns 26,372 shares of the company’s stock valued at $3,772,000 after acquiring an additional 172 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in Primoris Services by 6.2% during the third quarter. Crossmark Global Holdings Inc. now owns 2,968 shares of the company’s stock worth $221,000 after purchasing an additional 173 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.