Primoris Services Corp. (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
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. “
Other analysts have also issued reports about the stock. DA Davidson lowered shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Canaccord Genuity reaffirmed a “hold” rating on shares of Primoris Services Corp. in a research note on Wednesday. Finally, Seaport Global Securities raised shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $24.00 in a research note on Thursday, August 25th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Friday. Primoris Services Corp. has a 1-year low of $16.13 and a 1-year high of $25.25. The stock has a market capitalization of $1.01 billion, a P/E ratio of 25.68 and a beta of 1.70. The firm’s 50-day moving average is $19.86 and its 200 day moving average is $20.33.
Primoris Services Corp. (NASDAQ:PRIM) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. The firm had revenue of $456.81 million for the quarter, compared to analysts’ expectations of $516.76 million. During the same period in the prior year, the company posted $0.07 earnings per share. Primoris Services Corp.’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, analysts expect that Primoris Services Corp. will post $0.75 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend was Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio (DPR) is 28.95%.
Several hedge funds have recently bought and sold shares of PRIM. Macquarie Group Ltd. raised its stake in Primoris Services Corp. by 3.3% in the second quarter. Macquarie Group Ltd. now owns 1,874,790 shares of the company’s stock worth $35,490,000 after buying an additional 59,319 shares during the period. Royal Bank of Canada raised its stake in Primoris Services Corp. by 918.4% in the second quarter. Royal Bank of Canada now owns 23,127 shares of the company’s stock worth $437,000 after buying an additional 20,856 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Primoris Services Corp. by 3.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 198,362 shares of the company’s stock worth $3,755,000 after buying an additional 5,692 shares during the period. AQR Capital Management LLC bought a new stake in Primoris Services Corp. during the second quarter worth about $243,000. Finally, Paloma Partners Management Co bought a new stake in Primoris Services Corp. during the second quarter worth about $200,000. 74.49% of the stock is owned by institutional investors and hedge funds.
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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