BidaskClub cut shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research report released on Saturday.
A number of other brokerages also recently commented on PRIM. Zacks Investment Research upgraded shares of Primoris Services from a hold rating to a buy rating and set a $33.00 target price for the company in a report on Saturday, October 14th. Seaport Global Securities reiterated a buy rating and issued a $32.00 target price (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. KeyCorp reiterated a hold rating on shares of Primoris Services in a report on Tuesday, September 19th. Finally, Canaccord Genuity reiterated a buy rating and issued a $30.00 target price on shares of Primoris Services in a report on Tuesday, November 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $31.67.
Shares of Primoris Services (NASDAQ:PRIM) opened at $26.95 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $1,390.00, a PE ratio of 21.73, a P/E/G ratio of 1.98 and a beta of 1.59. Primoris Services has a fifty-two week low of $21.83 and a fifty-two week high of $30.00.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a yield of 0.89%. Primoris Services’s payout ratio is currently 19.35%.
In other news, CEO David Lee King sold 9,077 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $27.43, for a total transaction of $248,982.11. Following the sale, the chief executive officer now owns 6,242 shares in the company, valued at $171,218.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Schauerman sold 29,456 shares of the business’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $28.76, for a total value of $847,154.56. The disclosure for this sale can be found here. Insiders sold 92,513 shares of company stock valued at $2,606,860 over the last quarter. 24.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP purchased a new stake in shares of Primoris Services during the third quarter worth about $1,063,000. Algert Global LLC purchased a new stake in shares of Primoris Services during the third quarter worth about $2,512,000. California Public Employees Retirement System grew its stake in shares of Primoris Services by 43.5% during the third quarter. California Public Employees Retirement System now owns 21,089 shares of the construction company’s stock worth $620,000 after acquiring an additional 6,389 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Primoris Services during the third quarter worth about $344,000. Finally, Jane Street Group LLC purchased a new stake in shares of Primoris Services during the third quarter worth about $264,000. Institutional investors and hedge funds own 70.46% of the company’s stock.
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About Primoris Services
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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