Primoris Services (NASDAQ:PRIM) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, BidAskClub reports.
PRIM has been the topic of a number of other research reports. Zacks Investment Research raised shares of Primoris Services from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Wednesday, February 6th. ValuEngine raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.00.
PRIM stock opened at $20.30 on Tuesday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 11.94, a P/E/G ratio of 1.18 and a beta of 1.43. Primoris Services has a 12 month low of $17.82 and a 12 month high of $28.90. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.67.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. The company had revenue of $661.60 million for the quarter, compared to the consensus estimate of $635.80 million. Primoris Services had a net margin of 2.54% and a return on equity of 13.86%. The firm’s revenue was up 31.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.01 EPS. On average, equities research analysts expect that Primoris Services will post 1.7 EPS for the current fiscal year.
In other Primoris Services news, Director Brian Pratt sold 110,182 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $23.32, for a total transaction of $2,569,444.24. Following the transaction, the director now owns 2,162,824 shares of the company’s stock, valued at approximately $50,437,055.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 599,274 shares of company stock worth $13,254,452 in the last three months. Insiders own 13.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Divisar Capital Management LLC boosted its holdings in shares of Primoris Services by 25.6% in the 4th quarter. Divisar Capital Management LLC now owns 270,145 shares of the construction company’s stock valued at $5,168,000 after buying an additional 55,000 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Primoris Services in the 4th quarter valued at about $201,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Primoris Services by 18.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,628 shares of the construction company’s stock valued at $318,000 after buying an additional 2,626 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Primoris Services by 4.1% in the 4th quarter. Victory Capital Management Inc. now owns 22,782 shares of the construction company’s stock valued at $436,000 after buying an additional 887 shares in the last quarter. Finally, MetLife Investment Advisors LLC boosted its holdings in shares of Primoris Services by 57.1% in the 3rd quarter. MetLife Investment Advisors LLC now owns 28,043 shares of the construction company’s stock valued at $696,000 after buying an additional 10,198 shares in the last quarter. 78.11% of the stock is currently owned by institutional investors and hedge funds.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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