Primoris Services Corporation (PRIM) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Primoris Services Corporation (NASDAQ:PRIM) from a hold rating to a sell rating in a report released on Friday.

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. “

Other research analysts also recently issued research reports about the stock. TheStreet raised shares of Primoris Services Corporation from a c+ rating to a b- rating in a research report on Friday, August 11th. Canaccord Genuity raised their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the company a buy rating in a research report on Wednesday, August 9th. Seaport Global Securities reissued a buy rating and set a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. KeyCorp reissued a hold rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Finally, BidaskClub raised shares of Primoris Services Corporation from a sell rating to a hold rating in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $30.00.

Shares of Primoris Services Corporation (NASDAQ:PRIM) traded down $0.98 on Friday, reaching $26.09. 312,100 shares of the company were exchanged, compared to its average volume of 304,593. Primoris Services Corporation has a one year low of $21.83 and a one year high of $30.00. The company has a market cap of $1,342.30, a price-to-earnings ratio of 22.30, a price-to-earnings-growth ratio of 2.17 and a beta of 1.60. The company has a quick ratio of 1.36, a current ratio of 1.49 and a debt-to-equity ratio of 0.36.

Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. The business had revenue of $608.31 million for the quarter, compared to the consensus estimate of $588.19 million. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 EPS. equities analysts predict that Primoris Services Corporation will post 1.2 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.92%. This is an increase from Primoris Services Corporation’s previous quarterly dividend of $0.06. Primoris Services Corporation’s payout ratio is presently 17.60%.

In other Primoris Services Corporation news, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the sale, the chief financial officer now owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Brian Pratt sold 105,734 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total transaction of $2,981,698.80. Following the sale, the director now directly owns 9,646,585 shares in the company, valued at approximately $272,033,697. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,548,356 shares of company stock worth $43,921,202. Insiders own 24.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Primoris Services Corporation by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after purchasing an additional 116,098 shares during the last quarter. Van Berkom & Associates Inc. grew its position in Primoris Services Corporation by 16.0% during the 2nd quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after purchasing an additional 327,189 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Primoris Services Corporation by 1.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,146,794 shares of the construction company’s stock worth $53,541,000 after purchasing an additional 25,864 shares during the last quarter. Macquarie Group Ltd. grew its position in Primoris Services Corporation by 3.2% during the 2nd quarter. Macquarie Group Ltd. now owns 1,912,109 shares of the construction company’s stock worth $47,688,000 after purchasing an additional 59,183 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Primoris Services Corporation by 4.3% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,352,384 shares of the construction company’s stock worth $33,728,000 after purchasing an additional 56,002 shares during the last quarter. 69.26% of the stock is currently owned by institutional investors.

About Primoris Services Corporation

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 Corporation (NASDAQ:PRIM)

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