Primoris Services (PRIM) Stock Rating Lowered by BidaskClub

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.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.09. The firm had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. Primoris Services had a return on equity of 11.70% and a net margin of 2.68%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. research analysts anticipate that Primoris Services will post 1.13 EPS for the current fiscal year.

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.

Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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