Primoris Services (NASDAQ:PRIM) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIMGet Rating) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. The brokerage currently has $26.00 target price on the construction company’s stock.

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 analysts have also recently commented on the stock. DA Davidson reiterated a buy rating on shares of Primoris Services in a research report on Wednesday, March 2nd. Morgan Stanley dropped their target price on shares of Primoris Services from $35.00 to $33.00 and set an overweight rating for the company in a research report on Wednesday, March 23rd. Finally, StockNews.com initiated coverage on shares of Primoris Services in a research report on Thursday, March 31st. They set a hold rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $30.25.

NASDAQ:PRIM opened at $24.77 on Wednesday. The stock’s fifty day moving average price is $24.52 and its two-hundred day moving average price is $24.97. Primoris Services has a 52-week low of $21.47 and a 52-week high of $34.02. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.44 and a current ratio of 1.44. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 12.45 and a beta of 1.07.

Primoris Services (NASDAQ:PRIMGet Rating) last issued its earnings results on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.09). The business had revenue of $784.38 million for the quarter, compared to the consensus estimate of $799.18 million. Primoris Services had a net margin of 3.12% and a return on equity of 12.33%. The business’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. On average, equities analysts predict that Primoris Services will post 2.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date is Wednesday, June 29th. Primoris Services’s dividend payout ratio is currently 12.06%.

In related news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 15th. The shares were sold at an average price of $26.51, for a total value of $530,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Phocas Financial Corp. increased its holdings in Primoris Services by 69.2% during the 1st quarter. Phocas Financial Corp. now owns 342,024 shares of the construction company’s stock worth $8,147,000 after purchasing an additional 139,836 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Primoris Services by 2.4% during the 1st quarter. Advisors Asset Management Inc. now owns 105,221 shares of the construction company’s stock worth $2,506,000 after purchasing an additional 2,443 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Primoris Services during the 1st quarter worth about $1,655,000. First Republic Investment Management Inc. bought a new position in Primoris Services during the 1st quarter worth about $263,000. Finally, Captrust Financial Advisors increased its holdings in Primoris Services by 49.3% during the 1st quarter. Captrust Financial Advisors now owns 51,181 shares of the construction company’s stock worth $1,222,000 after purchasing an additional 16,899 shares in the last quarter. Hedge funds and other institutional investors own 88.35% of the company’s stock.

About Primoris Services (Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

Recommended Stories

Get a free copy of the Zacks research report on Primoris Services (PRIM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.