Primoris Services (PRIM) Rating Lowered to Hold at BidaskClub

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Primoris Services (NASDAQ:PRIM) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other analysts have also weighed in on PRIM. Zacks Investment Research lowered shares of Primoris Services from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. ValuEngine raised shares of Primoris Services from a “sell” rating to a “hold” rating in a report on Tuesday, March 5th. Finally, TheStreet lowered shares of Primoris Services from a “b-” rating to a “c+” rating in a report on Wednesday, December 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $29.33.

NASDAQ PRIM opened at $22.31 on Wednesday. The company has a market cap of $1.14 billion, a PE ratio of 13.12, a PEG ratio of 1.34 and a beta of 1.44. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.49 and a quick ratio of 1.49. Primoris Services has a 1-year low of $17.82 and a 1-year high of $28.90.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Thursday, February 28th. The construction company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.01. The company had revenue of $877.67 million during the quarter, compared to analyst estimates of $838.70 million. Primoris Services had a net margin of 2.64% and a return on equity of 13.91%. The company’s revenue was up 51.6% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. Equities analysts predict that Primoris Services will post 1.67 earnings per share for the current year.

In other news, Director Brian Pratt sold 110,182 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.32, for a total transaction of $2,569,444.24. Following the sale, the director now directly owns 2,162,824 shares of the company’s stock, valued at $50,437,055.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 286,572 shares of company stock worth $6,622,896 over the last three months. 19.50% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its stake in shares of Primoris Services by 52.4% during the third quarter. Alliancebernstein L.P. now owns 1,272,707 shares of the construction company’s stock valued at $31,589,000 after purchasing an additional 437,629 shares during the last quarter. BlackRock Inc. grew its stake in shares of Primoris Services by 4.3% during the third quarter. BlackRock Inc. now owns 2,762,336 shares of the construction company’s stock valued at $68,561,000 after purchasing an additional 113,251 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Primoris Services by 47.4% during the third quarter. Victory Capital Management Inc. now owns 21,895 shares of the construction company’s stock valued at $543,000 after purchasing an additional 7,038 shares during the last quarter. Comerica Bank bought a new stake in shares of Primoris Services during the third quarter valued at approximately $1,182,000. Finally, Divisar Capital Management LLC grew its stake in shares of Primoris Services by 42.4% during the third quarter. Divisar Capital Management LLC now owns 215,145 shares of the construction company’s stock valued at $5,340,000 after purchasing an additional 64,100 shares during the last quarter. 75.94% of the stock is currently owned by institutional investors and hedge funds.

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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