A number of other research firms have also issued reports on PRIM. Zacks Investment Research raised Primoris Services Corp. from a strong sell rating to a hold rating in a research note on Thursday, October 6th. Seaport Global Securities upgraded Primoris Services Corp. from a neutral rating to a buy rating and boosted their price target for the company from $20.00 to $24.00 in a report on Thursday, August 25th. Finally, DA Davidson downgraded Primoris Services Corp. from a buy rating to a neutral rating in a report on Thursday, August 4th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $24.80.
Primoris Services Corp. (NASDAQ:PRIM) traded down 2.00% during mid-day trading on Wednesday, reaching $19.10. The company’s stock had a trading volume of 7,350 shares. The firm’s 50 day moving average is $19.84 and its 200-day moving average is $20.37. The company has a market cap of $989.07 million, a PE ratio of 25.16 and a beta of 1.70. Primoris Services Corp. has a 12-month low of $16.13 and a 12-month high of $25.25.
Primoris Services Corp. (NASDAQ:PRIM) last released its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. Equities analysts anticipate that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.22 annualized dividend and a yield of 1.13%. Primoris Services Corp.’s dividend payout ratio is currently 28.95%.
Hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas boosted its position in 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 worth $109,000 after buying an additional 997 shares during the last quarter. First Mercantile Trust Co. boosted its position in Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock worth $115,000 after buying an additional 1,209 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Primoris Services Corp. during the second quarter worth $198,000. Paloma Partners Management Co purchased a new position in Primoris Services Corp. during the second quarter worth $200,000. Finally, BlackRock Inc. boosted its position in Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock worth $256,000 after buying an additional 1,670 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.
Primoris Services Corp. Company Profile
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.
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