Primoris Services Corp. (NASDAQ:PRIM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $22.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.42% from the company’s previous close.
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. “
A number of other research analysts have also issued reports on the company. Seaport Global Securities raised Primoris Services Corp. from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $20.00 to $24.00 in a report on Thursday, August 25th. DA Davidson lowered Primoris Services Corp. from a “buy” rating to a “neutral” rating in a report on Thursday, August 4th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.57 on Wednesday. The company’s 50-day moving average is $19.87 and its 200-day moving average is $20.36. Primoris Services Corp. has a 52-week low of $16.13 and a 52-week high of $25.25. The firm has a market cap of $1.01 billion, a P/E ratio of 25.78 and a beta of 1.70.
Primoris Services Corp. (NASDAQ:PRIM) last released its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The firm had revenue of $456.81 million for the quarter, compared to analyst estimates of $516.76 million. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. Primoris Services Corp.’s revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share. Equities research analysts forecast that Primoris Services Corp. will post $0.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.055 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 1.12%. Primoris Services Corp.’s payout ratio is presently 28.95%.
Large investors have recently made changes to their positions in the company. Loomis Sayles & Co. L P acquired a new stake in shares of Primoris Services Corp. during the first quarter worth approximately $19,955,000. Emerald Acquisition Ltd. acquired a new stake in shares of Primoris Services Corp. during the second quarter worth approximately $9,209,000. Van Berkom & Associates Inc. raised its stake in shares of 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 during the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Primoris Services Corp. by 19.1% in the second quarter. Frontier Capital Management Co. LLC now owns 1,439,585 shares of the company’s stock worth $27,251,000 after buying an additional 230,615 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of 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 during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.
About Primoris Services Corp.
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.