DA Davidson upgraded shares of Primoris Services (NASDAQ:PRIM) from a neutral rating to a buy rating in a report published on Wednesday morning, Marketbeat.com reports. DA Davidson also issued estimates for Primoris Services’ Q2 2018 earnings at $0.41 EPS.
Other research analysts have also recently issued research reports about the company. Canaccord Genuity restated a buy rating and issued a $30.00 price target on shares of Primoris Services in a research report on Tuesday, November 7th. Stephens restated a hold rating and issued a $28.00 price target on shares of Primoris Services in a research report on Tuesday. Zacks Investment Research upgraded Primoris Services from a sell rating to a hold rating in a research report on Thursday, February 1st. Finally, BidaskClub cut Primoris Services from a hold rating to a sell rating in a research report on Saturday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $30.75.
Shares of Primoris Services (NASDAQ PRIM) traded up $0.32 during mid-day trading on Wednesday, hitting $24.90. The stock had a trading volume of 600,100 shares, compared to its average volume of 248,648. Primoris Services has a twelve month low of $21.83 and a twelve month high of $30.00. The stock has a market capitalization of $1,266.64, a PE ratio of 17.66, a P/E/G ratio of 1.81 and a beta of 1.29. The company has a current ratio of 1.55, a quick ratio of 1.41 and a debt-to-equity ratio of 0.34.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Wednesday, March 28th. Primoris Services’s dividend payout ratio is presently 17.02%.
In related news, Director Stephen C. Cook sold 3,980 shares of Primoris Services stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now owns 10,502 shares in the company, valued at approximately $292,165.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John P. Schauerman sold 50,000 shares of Primoris Services stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $28.00, for a total value of $1,400,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 16,327 shares of company stock valued at $340,744 and have sold 63,057 shares valued at $1,759,706. Company insiders own 24.00% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. Northern Trust Corp grew its holdings in Primoris Services by 0.3% in the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock valued at $12,874,000 after buying an additional 1,657 shares during the period. Voya Investment Management LLC grew its holdings in Primoris Services by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock valued at $500,000 after buying an additional 1,927 shares during the period. Royal Bank of Canada grew its holdings in Primoris Services by 449.9% in the 2nd quarter. Royal Bank of Canada now owns 8,694 shares of the construction company’s stock valued at $217,000 after buying an additional 7,113 shares during the period. State Street Corp grew its holdings in Primoris Services by 6.4% in the 2nd quarter. State Street Corp now owns 766,590 shares of the construction company’s stock valued at $19,115,000 after buying an additional 45,858 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the period. Institutional investors own 69.74% of the company’s stock.
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Primoris Services 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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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