Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a research report released on Friday morning.
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. “
PRIM has been the subject of a number of other research reports. BidaskClub upgraded shares of Primoris Services from a sell rating to a hold rating in a research report on Thursday, October 11th. ValuEngine lowered shares of Primoris Services from a hold rating to a sell rating in a research report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $30.75.
Primoris Services (NASDAQ:PRIM) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.04. The firm had revenue of $908.90 million during the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a net margin of 2.56% and a return on equity of 10.84%. Primoris Services’s revenue was up 49.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, equities analysts expect that Primoris Services will post 1.58 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.24 dividend on an annualized basis and a yield of 1.00%. Primoris Services’s dividend payout ratio is presently 20.87%.
In related news, CEO David Lee King sold 7,866 shares of the 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 transaction, the chief executive officer now owns 6,242 shares in the company, valued at approximately $158,796.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, 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. Insiders sold a total of 734,833 shares of company stock valued at $18,475,786 in the last quarter. 19.50% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of PRIM. JPMorgan Chase & Co. boosted its position in shares of Primoris Services by 210.6% during the 1st quarter. JPMorgan Chase & Co. now owns 28,005 shares of the construction company’s stock valued at $699,000 after purchasing an additional 18,988 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Primoris Services by 79.6% during the 1st quarter. California Public Employees Retirement System now owns 44,238 shares of the construction company’s stock valued at $1,105,000 after purchasing an additional 19,605 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Primoris Services by 24.0% during the 1st quarter. Russell Investments Group Ltd. now owns 21,951 shares of the construction company’s stock valued at $548,000 after purchasing an additional 4,251 shares in the last quarter. UBS Group AG boosted its position in shares of Primoris Services by 38.2% during the 1st quarter. UBS Group AG now owns 86,197 shares of the construction company’s stock valued at $2,153,000 after purchasing an additional 23,846 shares in the last quarter. Finally, Xact Kapitalforvaltning AB bought a new position in shares of Primoris Services during the 1st quarter valued at about $253,000. 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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