Primoris Services (NASDAQ:PRIM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research report released on Saturday morning, Zacks.com reports.

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. “

Separately, BidaskClub upgraded shares of Primoris Services from a strong sell rating to a sell rating in a research report on Thursday, September 12th.

Shares of Primoris Services stock opened at $20.96 on Friday. The firm has a 50-day simple moving average of $19.69 and a two-hundred day simple moving average of $20.53. The company has a market cap of $1.07 billion, a P/E ratio of 12.33 and a beta of 1.44. Primoris Services has a fifty-two week low of $17.80 and a fifty-two week high of $25.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.42 and a current ratio of 1.42.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Primoris Services had a net margin of 2.62% and a return on equity of 13.95%. The business had revenue of $789.90 million during the quarter, compared to the consensus estimate of $749.23 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. The company’s revenue was up 21.7% compared to the same quarter last year. Equities research analysts forecast that Primoris Services will post 1.69 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.15%. Primoris Services’s dividend payout ratio (DPR) is presently 14.12%.

In related news, Director Brian Pratt sold 19,678 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $20.01, for a total transaction of $393,756.78. Following the completion of the transaction, the director now owns 2,114,721 shares in the company, valued at approximately $42,315,567.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 2,349 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.92, for a total transaction of $49,141.08. Following the transaction, the director now owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,348 shares of company stock valued at $5,845,655. Insiders own 13.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van Berkom & Associates Inc. raised its position in shares of Primoris Services by 22.0% during the 2nd quarter. Van Berkom & Associates Inc. now owns 3,250,146 shares of the construction company’s stock worth $68,026,000 after purchasing an additional 587,063 shares during the last quarter. Hillcrest Asset Management LLC raised its position in shares of Primoris Services by 0.6% during the 2nd quarter. Hillcrest Asset Management LLC now owns 510,858 shares of the construction company’s stock worth $10,692,000 after purchasing an additional 3,060 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Primoris Services during the 2nd quarter worth about $6,052,000. AQR Capital Management LLC raised its position in shares of Primoris Services by 8.0% during the 2nd quarter. AQR Capital Management LLC now owns 59,766 shares of the construction company’s stock worth $1,251,000 after purchasing an additional 4,414 shares during the last quarter. Finally, Divisar Capital Management LLC raised its position in shares of Primoris Services by 14.8% during the 2nd quarter. Divisar Capital Management LLC now owns 310,749 shares of the construction company’s stock worth $6,504,000 after purchasing an additional 40,000 shares during the last quarter. Hedge funds and other institutional investors own 79.20% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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