Primoris Services (PRIM) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Primoris Services (NASDAQ:PRIM) from a strong-buy rating to a hold rating in a research note published on Wednesday morning.

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. “

Several other equities research analysts also recently commented on the stock. BidaskClub downgraded shares of Primoris Services from a buy rating to a hold rating in a research note on Wednesday, September 5th. ValuEngine upgraded shares of Primoris Services from a hold rating to a buy rating in a research note on Monday, June 18th. Finally, DA Davidson lifted their price objective on shares of Primoris Services to $34.00 and gave the stock a buy rating in a research note on Friday, June 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $30.75.

Shares of NASDAQ:PRIM traded down $0.39 on Wednesday, hitting $22.61. 311,856 shares of the company were exchanged, compared to its average volume of 261,363. Primoris Services has a 1-year low of $22.34 and a 1-year high of $29.82. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $1.28 billion, a P/E ratio of 19.66, a PEG ratio of 1.52 and a beta of 1.13.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, August 7th. The construction company reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Primoris Services had a net margin of 2.37% and a return on equity of 8.23%. The business had revenue of $648.79 million during the quarter, compared to the consensus estimate of $593.65 million. Equities analysts forecast that Primoris Services will post 1.63 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.24 annualized dividend and a dividend yield of 1.06%. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.

In related news, Director Stephen C. Cook sold 1,964 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $25.00, for a total transaction of $49,100.00. Following the completion of the transaction, the director now owns 11,897 shares of the company’s stock, valued at $297,425. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Brian Pratt sold 725,003 shares of the firm’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.14, for a total transaction of $18,226,575.42. Following the transaction, the director now directly owns 6,946,451 shares of the company’s stock, valued at approximately $174,633,778.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 734,833 shares of company stock valued at $18,475,786. 19.50% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of PRIM. Wells Fargo & Company MN raised its holdings in shares of Primoris Services by 36.4% during the first quarter. Wells Fargo & Company MN now owns 255,941 shares of the construction company’s stock worth $6,392,000 after purchasing an additional 68,253 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Primoris Services during the first quarter worth $118,000. Swiss National Bank raised its holdings in shares of Primoris Services by 5.3% during the first quarter. Swiss National Bank now owns 71,700 shares of the construction company’s stock worth $1,791,000 after purchasing an additional 3,600 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Primoris Services by 4.5% during the first quarter. Northern Trust Corp now owns 520,901 shares of the construction company’s stock worth $13,012,000 after purchasing an additional 22,316 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Primoris Services by 210.6% during the first quarter. JPMorgan Chase & Co. now owns 28,005 shares of the construction company’s stock worth $699,000 after purchasing an additional 18,988 shares during the last quarter. 73.42% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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