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. Seaport Global Securities raised Primoris Services Corp. from a neutral rating to a buy rating and lifted their price target for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. DA Davidson cut Primoris Services Corp. from a buy rating to a neutral rating in a research report on Thursday, August 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $24.80.
Primoris Services Corp. (NASDAQ:PRIM) traded down 2.34% during trading on Thursday, hitting $20.45. The stock had a trading volume of 76,578 shares. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 26.94 and a beta of 1.70. The firm’s 50-day moving average price is $19.60 and its 200-day moving average price is $20.48.
Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. During the same period in the prior year, the firm posted $0.07 EPS. The business’s revenue was down 5.5% compared to the same quarter last year. Analysts predict that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $0.055 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.05%. Primoris Services Corp.’s dividend payout ratio is presently 28.95%.
Institutional investors have recently made changes to their positions in the stock. Teacher Retirement System of Texas raised its position in shares of Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock valued at $109,000 after buying an additional 997 shares in the last quarter. First Mercantile Trust Co. raised its position in shares of Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock valued at $115,000 after buying an additional 1,209 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Primoris Services Corp. during the second quarter valued at $198,000. Paloma Partners Management Co acquired a new position in shares of Primoris Services Corp. during the second quarter valued at $200,000. Finally, AQR Capital Management LLC acquired a new position in shares of Primoris Services Corp. during the second quarter valued at $243,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.
About Primoris Services Corp.
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Primoris Services Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corp. and related companies with MarketBeat.com's FREE daily email newsletter.