Primoris Services Corp (PRIM) Receives Average Rating of “Hold” from Analysts

Primoris Services Corp (NASDAQ:PRIM) has received a consensus rating of “Hold” from the seven analysts that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $31.33.

PRIM has been the subject of several analyst reports. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. ValuEngine lowered Primoris Services from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, Zacks Investment Research raised Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, November 29th.

NASDAQ:PRIM opened at $23.41 on Friday. The company has a market capitalization of $1.20 billion, a PE ratio of 20.36, a P/E/G ratio of 1.49 and a beta of 1.24. Primoris Services has a 1 year low of $20.79 and a 1 year high of $28.90. 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 posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The business had revenue of $908.90 million during the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a return on equity of 10.84% and a net margin of 2.56%. The company’s revenue for the quarter was up 49.4% on a year-over-year basis. During the same period last year, the company earned $0.40 EPS. Research analysts expect that Primoris Services will post 1.58 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be issued a $0.06 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.24 annualized dividend and a dividend yield of 1.03%. Primoris Services’s payout ratio is 20.87%.

In other news, Director Brian Pratt sold 725,003 shares of the stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $25.14, for a total value of $18,226,575.42. Following the sale, the director now directly owns 6,946,451 shares in the company, valued at $174,633,778.14. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Lee King sold 7,866 shares of the 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 owns 6,242 shares in the company, valued at $158,796.48. The disclosure for this sale can be found here. Corporate insiders own 19.50% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Primoris Services by 4.3% in the third quarter. BlackRock Inc. now owns 2,762,336 shares of the construction company’s stock worth $68,561,000 after buying an additional 113,251 shares during the period. Van Berkom & Associates Inc. raised its holdings in shares of Primoris Services by 0.7% in the second quarter. Van Berkom & Associates Inc. now owns 2,733,782 shares of the construction company’s stock worth $74,441,000 after buying an additional 19,802 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Primoris Services by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,394,104 shares of the construction company’s stock worth $59,422,000 after buying an additional 35,145 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Primoris Services by 0.4% in the third quarter. Macquarie Group Ltd. now owns 1,869,272 shares of the construction company’s stock worth $46,396,000 after buying an additional 8,122 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Primoris Services by 75.6% in the third quarter. Thrivent Financial for Lutherans now owns 1,374,995 shares of the construction company’s stock worth $34,128,000 after buying an additional 591,928 shares during the period. Hedge funds and other institutional investors own 77.42% 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.

See Also: Market Capitalization

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