Primoris Services (NYSE:PRIM) Shares Down 13.7% – Should You Sell?

Primoris Services Corporation (NYSE:PRIM) fell 13.7% during mid-day trading on Wednesday. The stock traded as low as $68.00 and last traded at $68.6380. 1,319,436 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 1,414,242 shares. The stock had previously closed at $79.57.

Analysts Set New Price Targets

Several analysts recently issued reports on PRIM shares. Oppenheimer cut their price objective on Primoris Services from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday. Jefferies Financial Group reiterated a “buy” rating and issued a $99.00 price objective on shares of Primoris Services in a research report on Thursday, October 8th. Wells Fargo & Company dropped their target price on Primoris Services from $85.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Primoris Services in a research note on Tuesday. Finally, Piper Sandler initiated coverage on Primoris Services in a research report on Wednesday, September 9th. They set a “neutral” rating and a $90.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $116.20.

Primoris Services Trading Up 9.9%

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.14 and a quick ratio of 1.18. The business has a 50-day simple moving average of $74.78 and a two-hundred day simple moving average of $111.75. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 36.98 and a beta of 1.44.

Primoris Services (NYSE:PRIM) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same period last year, the firm posted $1.88 earnings per share. The business’s revenue was down 10.4% on a year-over-year basis. Equities analysts forecast that Primoris Services Corporation will post 1.77 EPS for the current fiscal year.

Primoris Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. Primoris Services’s payout ratio is currently 18.08%.

Institutional Trading of Primoris Services

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC lifted 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 acquiring an additional 69 shares during the period. Global Retirement Partners LLC acquired a new stake in Primoris Services in the 2nd quarter worth approximately $26,000. Persistent Asset Partners Ltd purchased a new position in Primoris Services in the 2nd quarter worth $36,000. Salomon & Ludwin LLC increased its holdings in Primoris Services by 107.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 377 shares of the company’s stock worth $28,000 after buying an additional 195 shares during the period. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services during the second quarter worth $43,000. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

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.