Trade Report: The Brokerages gives Consensus Recommendation of “Hold” to Primoris Services Corp. (PRIM)

The Brokerages gives Consensus Recommendation of “Hold” to Primoris Services Corp. (PRIM)

Primoris Services Corp. (NASDAQ:PRIM) has been assigned an average recommendation of “Hold” from the seven ratings firms that are covering the firm. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $25.00.

A number of analysts have recently weighed in on PRIM shares. DA Davidson downgraded shares of Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Zacks Investment Research upgraded shares of Primoris Services Corp. from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 6th. Seaport Global Securities upgraded shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $24.00 in a research report on Thursday, August 25th. Finally, Canaccord Genuity reiterated a “hold” rating on shares of Primoris Services Corp. in a research report on Wednesday.

Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Monday. The firm has a 50-day moving average of $19.86 and a 200-day moving average of $20.33. Primoris Services Corp. has a 52 week low of $16.13 and a 52 week high of $25.25. The company has a market capitalization of $1.01 billion, a PE ratio of 25.68 and a beta of 1.70.

Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.22 by $0.12. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm had revenue of $456.81 million for the quarter, compared to the consensus estimate of $516.76 million. During the same period last year, the company posted $0.07 EPS. The business’s revenue was down 5.5% on a year-over-year basis. Equities analysts expect that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio is 28.95%.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Primoris Services Corp. by 2.6% in the second quarter. Vanguard Group Inc. now owns 2,893,615 shares of the company’s stock worth $54,776,000 after buying an additional 74,595 shares in the last quarter. Wellington Management Group LLP boosted its position in Primoris Services Corp. by 5.2% in the first quarter. Wellington Management Group LLP now owns 2,677,601 shares of the company’s stock worth $65,065,000 after buying an additional 133,143 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in Primoris Services Corp. by 13.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,223,977 shares of the company’s stock worth $42,100,000 after buying an additional 262,147 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Primoris Services Corp. by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,003,163 shares of the company’s stock worth $37,919,000 after buying an additional 149,869 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its position in Primoris Services Corp. by 3.3% in the second quarter. Macquarie Group Ltd. now owns 1,874,790 shares of the company’s stock worth $35,490,000 after buying an additional 59,319 shares in the last quarter. Institutional investors and hedge funds own 74.49% of the company’s stock.

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