Primoris Services (NASDAQ:PRIM) Rating Increased to Hold at Zacks Investment Research

Share on StockTwits

Primoris Services (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

Separately, BidaskClub downgraded Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, July 13th.

NASDAQ:PRIM opened at $18.98 on Thursday. The business has a 50 day moving average of $20.17 and a 200 day moving average of $20.71. The company has a market capitalization of $967.64 million, a price-to-earnings ratio of 11.16 and a beta of 1.50. Primoris Services has a 1-year low of $17.82 and a 1-year high of $25.74. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.42.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. The company had revenue of $789.90 million during the quarter, compared to the consensus estimate of $749.23 million. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. Primoris Services’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. As a group, sell-side analysts anticipate that Primoris Services will post 1.69 EPS for the current year.

In related news, Director Brian Pratt sold 19,678 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $20.01, for a total value of $393,756.78. Following the completion of the sale, the director now owns 2,114,721 shares in the company, valued at approximately $42,315,567.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 363,423 shares of company stock valued at $6,968,657 in the last 90 days. 13.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Primoris Services by 4.4% in the second quarter. BlackRock Inc. now owns 2,940,395 shares of the construction company’s stock valued at $61,542,000 after purchasing an additional 123,473 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in Primoris Services by 33.0% in the second quarter. Deprince Race & Zollo Inc. now owns 2,083,548 shares of the construction company’s stock valued at $43,609,000 after purchasing an additional 516,512 shares during the last quarter. Norges Bank bought a new stake in Primoris Services in the fourth quarter valued at approximately $15,066,000. Northern Trust Corp lifted its position in Primoris Services by 0.6% in the second quarter. Northern Trust Corp now owns 726,450 shares of the construction company’s stock valued at $15,204,000 after purchasing an additional 4,024 shares during the last quarter. Finally, Rice Hall James & Associates LLC lifted its position in Primoris Services by 11.3% in the second quarter. Rice Hall James & Associates LLC now owns 716,749 shares of the construction company’s stock valued at $15,002,000 after purchasing an additional 72,733 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

Recommended Story: Municipal Bonds

Get a free copy of the Zacks research report on Primoris Services (PRIM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Core-Mark  Lowered to “Strong Sell” at BidaskClub
Core-Mark Lowered to “Strong Sell” at BidaskClub
Lawson Products  Upgraded by BidaskClub to “Buy”
Lawson Products Upgraded by BidaskClub to “Buy”
CONMED  Upgraded to “Buy” at BidaskClub
CONMED Upgraded to “Buy” at BidaskClub
Analysts’ Updated EPS Estimates for September, 20th
Analysts’ Updated EPS Estimates for September, 20th
Innophos  Upgraded by BidaskClub to Buy
Innophos Upgraded by BidaskClub to Buy
Adesto Technologies  Coverage Initiated by Analysts at Craig Hallum
Adesto Technologies Coverage Initiated by Analysts at Craig Hallum


© 2006-2019 Ticker Report