Primoris Services (PRIM) Upgraded to “Hold” by Zacks Investment Research

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Primoris Services (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. “

Several other equities research analysts also recently weighed in on the stock. ValuEngine upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $30.75.

Shares of PRIM opened at $24.17 on Friday. Primoris Services has a fifty-two week low of $20.79 and a fifty-two week high of $28.96. The stock has a market cap of $1.22 billion, a PE ratio of 21.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.55 and a quick ratio of 1.55.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. Primoris Services had a net margin of 2.56% and a return on equity of 10.95%. The business had revenue of $908.90 million during the quarter, compared to the consensus estimate of $789.90 million. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The business’s quarterly revenue was up 49.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Primoris Services will post 1.54 EPS for the current year.

In related news, CEO David Lee King sold 7,866 shares of the firm’s stock in a transaction dated Friday, September 21st. The shares were 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 owns 6,242 shares in the company, valued at $158,796.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stephen C. Cook sold 1,964 shares of the firm’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $25.00, for a total transaction of $49,100.00. Following the completion of the sale, the director now owns 11,897 shares of the company’s stock, valued at approximately $297,425. The disclosure for this sale can be found here. In the last 90 days, insiders sold 734,833 shares of company stock valued at $18,475,786. 19.50% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its position in Primoris Services by 15.9% in the second quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock valued at $405,000 after purchasing an additional 2,038 shares during the period. Global X Management Co LLC lifted its position in 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 valued at $359,000 after purchasing an additional 2,114 shares during the period. CIBC World Markets Inc. lifted its position in Primoris Services by 0.9% in the second quarter. CIBC World Markets Inc. now owns 319,436 shares of the construction company’s stock valued at $8,698,000 after purchasing an additional 2,760 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Primoris Services by 17.0% in the third quarter. State Board of Administration of Florida Retirement System now owns 22,397 shares of the construction company’s stock valued at $556,000 after purchasing an additional 3,254 shares during the period. Finally, Rhumbline Advisers increased its holdings in Primoris Services by 11.2% in the second quarter. Rhumbline Advisers now owns 41,441 shares of the construction company’s stock valued at $1,128,000 after buying an additional 4,190 shares in the last quarter. Hedge funds and other institutional investors 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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