Zacks Investment Research upgraded shares of Primoris Services Corp. (NASDAQ:PRIM) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage currently has $22.00 price target on the stock.
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 equities research analysts also recently issued reports on the stock. Seaport Global Securities raised shares of 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 research note on Thursday, August 25th. DA Davidson downgraded shares of Primoris Services Corp. from a buy rating to a neutral rating in a research note on Thursday, August 4th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.74 on Wednesday. The stock has a market cap of $1.02 billion, a PE ratio of 26.01 and a beta of 1.69. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The company’s 50-day moving average is $19.87 and its 200-day moving average is $20.23.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The company earned $456.81 million during the quarter, compared to analysts’ expectations of $516.76 million. Primoris Services Corp. had a net margin of 2.03% and a return on equity of 8.14%. Primoris Services Corp.’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. Equities analysts anticipate that Primoris Services Corp. will post $0.75 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were issued a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio (DPR) is currently 28.95%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Primoris Services Corp. by 2.6% in the second quarter. Vanguard Group Inc. now owns 2,893,615 shares of the company’s stock worth $54,776,000 after buying an additional 74,595 shares during the period. Wellington Management Group LLP boosted its position in Primoris Services Corp. by 5.2% in the first quarter. Wellington Management Group LLP now owns 2,677,601 shares of the company’s stock valued at $65,065,000 after buying an additional 133,143 shares during the period. Van Berkom & Associates Inc. boosted its position in Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock valued at $42,100,000 after buying an additional 262,147 shares during the period. Dimensional Fund Advisors LP boosted its position in Primoris Services Corp. by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,163 shares of the company’s stock valued at $37,919,000 after buying an additional 149,869 shares during the period. Finally, Macquarie Group Ltd. boosted its position 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 valued at $35,490,000 after buying an additional 59,319 shares during the period. 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.