Primoris Services (PRIM) Upgraded by Zacks Investment Research to “Hold”

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Zacks Investment Research upgraded shares of Primoris Services (NASDAQ:PRIM) from a sell rating to a hold rating in a report published on Friday.

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. “

Several other research firms have also recently issued reports on PRIM. ValuEngine raised shares of Primoris Services from a sell rating to a hold rating in a report on Thursday. BidaskClub cut shares of Primoris Services from a buy rating to a hold rating in a report on Wednesday, September 5th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and an average target price of $30.75.

PRIM traded down $0.12 during trading on Friday, hitting $24.06. The company had a trading volume of 185,257 shares, compared to its average volume of 183,535. The stock has a market capitalization of $1.24 billion, a PE ratio of 20.92, a P/E/G ratio of 1.57 and a beta of 1.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.43 and a quick ratio of 1.55. Primoris Services has a 1-year low of $20.79 and a 1-year high of $28.96.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.04. The firm had revenue of $908.90 million for the quarter, compared to analysts’ expectations of $789.90 million. Primoris Services had a net margin of 2.56% and a return on equity of 10.84%. The firm’s quarterly revenue was up 49.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 earnings per share. On average, equities research analysts forecast that Primoris Services will post 1.58 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%. Primoris Services’s dividend payout ratio (DPR) is 20.87%.

In other Primoris Services news, Director Brian Pratt sold 725,003 shares of the stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.14, for a total transaction of $18,226,575.42. Following the sale, the director now directly owns 6,946,451 shares of the company’s stock, valued at $174,633,778.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 1,964 shares of the stock in a transaction on Friday, September 7th. The stock was sold at an average price of $25.00, for a total transaction of $49,100.00. Following the sale, the director now directly owns 11,897 shares in the company, valued at $297,425. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock worth $18,475,786 over the last three months. 19.50% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of PRIM. JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 210.6% during the first quarter. JPMorgan Chase & Co. now owns 28,005 shares of the construction company’s stock worth $699,000 after purchasing an additional 18,988 shares during the period. California Public Employees Retirement System raised its holdings in shares of Primoris Services by 79.6% during the first quarter. California Public Employees Retirement System now owns 44,238 shares of the construction company’s stock worth $1,105,000 after purchasing an additional 19,605 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Primoris Services by 24.0% during the first quarter. Russell Investments Group Ltd. now owns 21,951 shares of the construction company’s stock worth $548,000 after purchasing an additional 4,251 shares during the period. UBS Group AG raised its holdings in shares of Primoris Services by 38.2% during the first quarter. UBS Group AG now owns 86,197 shares of the construction company’s stock worth $2,153,000 after purchasing an additional 23,846 shares during the period. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Primoris Services during the first quarter worth $253,000. 76.93% of the stock is currently owned by institutional investors.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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