ValuEngine upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a report published on Thursday.
A number of other analysts have also recently commented on PRIM. BidaskClub upgraded Primoris Services from a sell rating to a hold rating in a research report on Tuesday. Zacks Investment Research upgraded Primoris Services from a sell rating to a hold rating in a research report on Wednesday, July 11th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Primoris Services presently has a consensus rating of Hold and a consensus target price of $30.75.
PRIM stock traded down $0.12 during trading on Thursday, hitting $24.06. 185,257 shares of the company traded hands, compared to its average volume of 253,262. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.61. The stock has a market cap of $1.22 billion, a P/E ratio of 20.92, a P/E/G ratio of 1.53 and a beta of 1.24. Primoris Services has a 1 year low of $20.79 and a 1 year high of $28.96.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.04. The company had revenue of $908.90 million during the quarter, compared to analysts’ expectations of $789.90 million. Primoris Services had a return on equity of 10.95% and a net margin of 2.56%. Primoris Services’s quarterly revenue was up 49.4% on a year-over-year basis. During the same period last year, the business earned $0.40 earnings per share. On average, research analysts predict that Primoris Services will post 1.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Friday, December 28th. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.
In other news, CEO David Lee King sold 7,866 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $25.44, for a total value of $200,111.04. Following the completion of the sale, the chief executive officer now directly owns 6,242 shares in the company, valued at $158,796.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian Pratt sold 725,003 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $25.14, for a total value of $18,226,575.42. Following the completion of the sale, the director now owns 6,946,451 shares of the company’s stock, valued at $174,633,778.14. The disclosure for this sale can be found here. Insiders sold 734,833 shares of company stock valued at $18,475,786 over the last 90 days. Company insiders own 19.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Jane Street Group LLC acquired a new stake in shares of Primoris Services in the second quarter worth approximately $202,000. Xact Kapitalforvaltning AB acquired a new stake in shares of Primoris Services in the first quarter worth approximately $253,000. Global X Management Co LLC boosted its stake in shares of Primoris Services by 19.1% in the second quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock worth $359,000 after acquiring an additional 2,114 shares during the last quarter. LaSalle Street Capital Management LLC acquired a new stake in shares of Primoris Services in the third quarter worth approximately $384,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Primoris Services by 15.9% in the second quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock worth $405,000 after acquiring an additional 2,038 shares during the last quarter. Institutional investors and hedge funds own 76.93% 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, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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