Primoris Services (NASDAQ:PRIM) Downgraded by ValuEngine to Sell

ValuEngine cut shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, ValuEngine reports.

Several other equities analysts also recently commented on the company. BidaskClub downgraded Primoris Services from a hold rating to a sell rating in a research report on Saturday, January 11th. Zacks Investment Research upgraded Primoris Services from a sell rating to a hold rating in a research report on Wednesday, January 8th.

Primoris Services stock traded up $0.10 during trading hours on Thursday, hitting $22.76. The stock had a trading volume of 152,700 shares, compared to its average volume of 111,925. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.72. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 13.23 and a beta of 1.44. Primoris Services has a one year low of $17.80 and a one year high of $23.98. The business’s 50 day simple moving average is $22.17 and its 200-day simple moving average is $20.83.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 4th. The construction company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.66 by $0.04. The firm had revenue of $865.10 million during the quarter, compared to the consensus estimate of $888.30 million. Primoris Services had a return on equity of 14.08% and a net margin of 2.75%. The business’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the company earned $0.63 earnings per share. Research analysts anticipate that Primoris Services will post 1.63 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.24 annualized dividend and a dividend yield of 1.05%. Primoris Services’s payout ratio is 14.12%.

In other news, Director David Lee King sold 8,929 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $22.26, for a total value of $198,759.54. Following the completion of the sale, the director now owns 6,242 shares of the company’s stock, valued at $138,946.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brian Pratt sold 849,281 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $21.58, for a total value of $18,327,483.98. Following the completion of the sale, the director now directly owns 2,439,952 shares of the company’s stock, valued at approximately $52,654,164.16. The disclosure for this sale can be found here. In the last three months, insiders sold 878,210 shares of company stock valued at $18,987,444. Insiders own 13.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. New York State Teachers Retirement System acquired a new stake in shares of Primoris Services in the fourth quarter valued at about $87,000. Strs Ohio grew its stake in Primoris Services by 6.4% during the fourth quarter. Strs Ohio now owns 35,100 shares of the construction company’s stock worth $780,000 after purchasing an additional 2,100 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Primoris Services during the fourth quarter worth approximately $239,000. Rothschild Investment Corp IL acquired a new stake in Primoris Services during the fourth quarter worth approximately $331,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Primoris Services by 84.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,198 shares of the construction company’s stock worth $93,000 after purchasing an additional 1,916 shares during the period. 79.79% of the stock is owned by institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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