Primoris Services (PRIM) Stock Rating Lowered by Zacks Investment Research

Primoris Services (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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. “

A number of other research firms have also recently commented on PRIM. ValuEngine raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, November 8th. BidaskClub cut shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Wednesday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $30.75.

Shares of NASDAQ:PRIM opened at $23.24 on Friday. The company has a market cap of $1.18 billion, a P/E ratio of 20.21, a PEG ratio of 1.46 and a beta of 1.24. Primoris Services has a 12 month low of $20.79 and a 12 month high of $28.96. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.43 and a quick ratio of 1.43.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 EPS 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 net margin of 2.56% and a return on equity of 10.84%. Primoris Services’s revenue for the quarter was up 49.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.40 earnings per share. As a group, equities research analysts anticipate that Primoris Services will post 1.58 earnings per share for the current year.

In other Primoris Services news, 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 transaction, the director now owns 6,946,451 shares of the company’s stock, valued at approximately $174,633,778.14. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $200,111.04. Following the completion of the transaction, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at approximately $158,796.48. The disclosure for this sale can be found here. In the last three months, insiders sold 734,833 shares of company stock valued at $18,475,786. Corporate insiders own 19.50% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in shares of Primoris Services by 10.1% during the 2nd quarter. Bessemer Group Inc. now owns 47,370 shares of the construction company’s stock worth $1,290,000 after purchasing an additional 4,348 shares during the period. Hodges Capital Management Inc. raised its position in shares of Primoris Services by 22.5% during the 2nd quarter. Hodges Capital Management Inc. now owns 320,838 shares of the construction company’s stock worth $8,736,000 after purchasing an additional 58,905 shares during the period. Wells Fargo & Company MN raised its position in shares of Primoris Services by 10.8% during the 2nd quarter. Wells Fargo & Company MN now owns 283,491 shares of the construction company’s stock worth $7,719,000 after purchasing an additional 27,550 shares during the period. First Trust Advisors LP raised its position in shares of Primoris Services by 7.0% during the 2nd quarter. First Trust Advisors LP now owns 287,366 shares of the construction company’s stock worth $7,825,000 after purchasing an additional 18,720 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Primoris Services by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock worth $405,000 after purchasing an additional 2,038 shares during the period. 77.59% of the stock is owned by institutional investors and hedge funds.

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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