Trading Report: Today, Primoris Services Corp.’s (PRIM) “Hold” Rating Reiterated at Canaccord Genuity

Today, Primoris Services Corp.’s (PRIM) “Hold” Rating Reiterated at Canaccord Genuity

Canaccord Genuity reaffirmed their hold rating on shares of Primoris Services Corp. (NASDAQ:PRIM) in a report published on Wednesday.

PRIM has been the subject of a number of other reports. Zacks Investment Research raised shares of Primoris Services Corp. from a hold rating to a buy rating and set a $22.00 price target for the company in a research report on Wednesday, October 12th. Seaport Global Securities raised shares of Primoris Services Corp. from a neutral rating to a buy rating and boosted their price target for the company from $20.00 to $24.00 in a research report on Thursday, August 25th. Finally, DA Davidson cut shares of Primoris Services Corp. from a buy rating to a neutral rating in a research report on Thursday, August 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $24.80.

Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Wednesday. The firm’s 50-day moving average price is $19.86 and its 200 day moving average price is $20.33. The firm has a market capitalization of $1.01 billion, a P/E ratio of 25.68 and a beta of 1.69. 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 released its quarterly earnings data on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.12. The firm had revenue of $456.81 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. Analysts anticipate 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 was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a $0.055 dividend. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.22 dividend on an annualized basis and a yield of 1.13%. Primoris Services Corp.’s dividend payout ratio is presently 28.95%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas raised its position in 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. First Mercantile Trust Co. raised its position in Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock worth $115,000 after buying an additional 1,209 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Primoris Services Corp. during the second quarter worth approximately $198,000. Paloma Partners Management Co acquired a new position in Primoris Services Corp. during the second quarter worth approximately $200,000. Finally, AQR Capital Management LLC acquired a new position in Primoris Services Corp. during the second quarter worth approximately $243,000. Institutional investors own 74.49% of the company’s stock.

Primoris Services Corp. Company Profile

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