Primoris Services Corporation (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday, October 18th.
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 also recently issued reports on PRIM. Seaport Global Securities restated a “buy” rating and set 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 increased their price objective on Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $29.00.
Primoris Services Corporation (NASDAQ PRIM) traded up $0.49 during midday trading on Wednesday, reaching $28.52. 280,764 shares of the company’s stock were exchanged, compared to its average volume of 311,677. The firm has a market capitalization of $1,470.00, a PE ratio of 25.25, a P/E/G ratio of 2.36 and a beta of 1.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.45 and a quick ratio of 1.36. Primoris Services Corporation has a 52 week low of $18.73 and a 52 week high of $30.00.
Primoris Services Corporation (NASDAQ:PRIM) last released its earnings results on Tuesday, November 7th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.07. Primoris Services Corporation had a return on equity of 11.30% and a net margin of 2.09%. equities research analysts anticipate that Primoris Services Corporation will post 1.19 EPS for the current fiscal year.
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In other news, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $28.99, for a total transaction of $573,364.22. Following the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Pratt sold 88,500 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $28.67, for a total value of $2,537,295.00. Following the transaction, the director now directly owns 8,659,574 shares in the company, valued at $248,269,986.58. The disclosure for this sale can be found here. In the last three months, insiders sold 1,548,356 shares of company stock worth $43,921,202. 24.00% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. CIBC World Markets Inc. grew its stake in shares of Primoris Services Corporation by 1.9% during the second quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after buying an additional 6,000 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in shares of Primoris Services Corporation during the second quarter worth about $575,000. Van Berkom & Associates Inc. boosted its holdings in shares of Primoris Services Corporation by 16.0% during the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after purchasing an additional 327,189 shares during the period. Teachers Advisors LLC boosted its holdings in shares of Primoris Services Corporation by 3.0% during the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock worth $1,665,000 after purchasing an additional 2,065 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in shares of Primoris Services Corporation by 1.8% during the first quarter. Macquarie Group Ltd. now owns 1,852,926 shares of the construction company’s stock worth $43,025,000 after purchasing an additional 31,947 shares during the period. 69.26% of the stock is currently owned by hedge funds and other institutional investors.
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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