The Primoris Services Corp. (PRIM) gets Hold status at Zacks Investment Research

The Primoris Services Corp. (PRIM) gets Hold status at Zacks Investment Research

Zacks Investment Research downgraded shares of Primoris Services Corp. (NASDAQ:PRIM) from a buy rating to a hold rating in a research report sent to investors on Saturday.

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. “

PRIM has been the topic of several other research reports. Canaccord Genuity reaffirmed a hold rating on shares of Primoris Services Corp. in a report on Wednesday. Seaport Global Securities raised shares of Primoris Services Corp. from a neutral rating to a buy rating and upped their target price for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. Finally, DA Davidson lowered shares of Primoris Services Corp. from a buy rating to a neutral rating in a report on Thursday, August 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $24.80.

Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Friday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 25.68 and a beta of 1.70. The company’s 50-day moving average is $19.86 and its 200-day moving average is $20.33. Primoris Services Corp. has a 12 month low of $16.13 and a 12 month high of $25.25.

Primoris Services Corp. (NASDAQ:PRIM) last posted its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ 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 earned $456.81 million during the quarter, compared to the consensus estimate of $516.76 million. During the same period in the previous year, the company posted $0.07 EPS. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities research analysts forecast 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. Shareholders of record on Friday, September 30th were issued 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 of this dividend was Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio is currently 28.95%.

Large investors have recently modified their holdings of the company. LaSalle Street Capital Management LLC raised its stake in shares of Primoris Services Corp. by 1.7% in the second quarter. LaSalle Street Capital Management LLC now owns 19,791 shares of the company’s stock worth $375,000 after buying an additional 327 shares in the last quarter. Anchor Capital Advisors LLC raised its stake in shares of Primoris Services Corp. by 0.7% in the second quarter. Anchor Capital Advisors LLC now owns 47,903 shares of the company’s stock worth $907,000 after buying an additional 346 shares in the last quarter. American International Group Inc. raised its stake in shares of Primoris Services Corp. by 2.0% in the second quarter. American International Group Inc. now owns 23,178 shares of the company’s stock worth $439,000 after buying an additional 457 shares in the last quarter. BlackRock Advisors LLC raised its stake in shares of Primoris Services Corp. by 5.1% in the second quarter. BlackRock Advisors LLC now owns 18,889 shares of the company’s stock worth $358,000 after buying an additional 915 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock worth $109,000 after buying an additional 997 shares in the last quarter. 74.49% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Corp. Company Profile

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.

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