Primoris Services (NYSE:PRIM) Stock Lifted to “Hold” by Wall Street Zen

Wall Street Zen upgraded shares of Primoris Services (NYSE:PRIM) from a sell rating to a hold rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also commented on PRIM. Mizuho set a $111.00 price target on Primoris Services in a report on Friday. Jefferies Financial Group restated a “buy” rating and issued a $99.00 price objective on shares of Primoris Services in a research note on Thursday, October 8th. UBS Group restated a “neutral” rating on shares of Primoris Services in a research note on Monday, August 10th. Guggenheim dropped their target price on shares of Primoris Services from $162.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Oppenheimer cut their target price on shares of Primoris Services from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.20.

Primoris Services Price Performance

NYSE PRIM opened at $65.46 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.18 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $74.55 and a 200 day simple moving average of $111.35. The company has a market cap of $3.44 billion, a P/E ratio of 36.98 and a beta of 1.44. Primoris Services has a 1 year low of $57.72 and a 1 year high of $205.50.

Primoris Services (NYSE:PRIM) last announced its earnings results on Tuesday, November 3rd. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $0.81 by $0.39. Primoris Services had a net margin of 1.36% and a return on equity of 7.72%. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the firm posted $1.88 EPS. The business’s quarterly revenue was down 10.4% on a year-over-year basis. On average, sell-side analysts predict that Primoris Services will post 1.77 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, December 31st. Primoris Services’s payout ratio is currently 18.08%.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in shares of Primoris Services during the second quarter valued at approximately $26,000. Persistent Asset Partners Ltd bought a new position in Primoris Services in the second quarter worth $36,000. Salomon & Ludwin LLC lifted its position in Primoris Services by 107.1% in the third quarter. Salomon & Ludwin LLC now owns 377 shares of the company’s stock worth $28,000 after purchasing an additional 195 shares during the period. Osterweis Capital Management Inc. bought a new position in Primoris Services in the second quarter worth $43,000. Finally, Signaturefd LLC boosted its stake in Primoris Services by 225.4% during the third quarter. Signaturefd LLC now owns 576 shares of the company’s stock worth $43,000 after buying an additional 399 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation (NYSE: PRIM) is a specialty contractor that provides construction, engineering, maintenance and fabrication services for critical infrastructure. The company serves customers in the energy, utilities and industrial markets, with work spanning power generation, power delivery, natural gas, renewable energy, petrochemical and industrial facilities.

Its services include utility and transmission construction, renewable energy development support, underground and overhead infrastructure, pipeline construction, facility maintenance, environmental services and specialty industrial construction.