Primoris Services (PRIM) Rating Lowered to Strong Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a strong sell rating in a research report report published on Thursday.
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. “
A number of other equities research analysts also recently issued reports on the stock. Canaccord Genuity reissued a buy rating and set a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. KeyCorp reissued a hold rating on shares of Primoris Services in a research report on Tuesday, September 19th. Finally, Seaport Global Securities reissued a buy rating and set a $32.00 price objective (up previously from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $31.67.
Shares of Primoris Services (PRIM) opened at $27.19 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41. Primoris Services has a 1 year low of $21.83 and a 1 year high of $30.00. The company has a market cap of $1,440.00, a P/E ratio of 21.93, a price-to-earnings-growth ratio of 2.41 and a beta of 1.58.
Primoris Services (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.09. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The firm’s revenue was up 19.8% on a year-over-year basis. equities analysts expect that Primoris Services will post 1.13 earnings per share for the current year.
The firm 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 dividend of $0.06 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.88%. Primoris Services’s payout ratio is presently 19.35%.
In other news, Director Stephen C. Cook sold 3,980 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now owns 10,502 shares of the company’s stock, valued at approximately $292,165.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 50,000 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,057 shares of company stock valued at $1,759,706. Insiders own 24.00% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Ameriprise Financial Inc. lifted its stake in shares of Primoris Services by 242.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock valued at $4,800,000 after buying an additional 115,450 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Primoris Services by 4.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,241,073 shares of the construction company’s stock valued at $65,932,000 after buying an additional 94,279 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Primoris Services by 113.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 175,845 shares of the construction company’s stock valued at $4,385,000 after buying an additional 93,397 shares in the last quarter. OxFORD Asset Management LLP purchased a new position in shares of Primoris Services during the 2nd quarter valued at $2,326,000. Finally, Algert Global LLC purchased a new position in shares of Primoris Services during the 3rd quarter valued at $2,512,000. Institutional investors 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.
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