Primoris Services (NASDAQ:PRIM) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Saturday.
A number of other equities research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Primoris Services from a “hold” rating to a “strong sell” rating in a report on Thursday, December 28th. Canaccord Genuity reissued a “buy” rating and set a $30.00 price objective on shares of Primoris Services in a report on Tuesday, November 7th. Seaport Global Securities reissued a “buy” rating and set a $32.00 price objective (up from $29.00) on shares of Primoris Services in a report on Wednesday, October 11th. Finally, KeyCorp reissued a “hold” rating on shares of Primoris Services in a report on Tuesday, September 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $31.67.
Shares of Primoris Services (PRIM) traded down $0.34 on Friday, hitting $26.91. 145,500 shares of the stock were exchanged, compared to its average volume of 175,900. The stock has a market capitalization of $1,380.00, a price-to-earnings ratio of 21.70, a PEG ratio of 1.98 and a beta of 1.59. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. Primoris Services has a 12-month low of $21.83 and a 12-month high of $30.00.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.09. The firm had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 earnings per share. equities research analysts forecast that Primoris Services will post 1.13 EPS for the current fiscal year.
In other Primoris Services news, CEO David Lee King sold 9,077 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $27.43, for a total value of $248,982.11. Following the sale, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at $171,218.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen C. Cook sold 3,980 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now directly owns 10,502 shares in the company, valued at $292,165.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,513 shares of company stock worth $2,606,860. 24.00% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of PRIM. Public Employees Retirement System of Ohio boosted its holdings in Primoris Services by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares during the last quarter. First Quadrant L P CA boosted its holdings in Primoris Services by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after purchasing an additional 2,276 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Primoris Services in the third quarter valued at $138,000. BNP Paribas Arbitrage SA boosted its holdings in Primoris Services by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after purchasing an additional 4,721 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Primoris Services by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after purchasing an additional 910 shares during the last quarter. 70.46% of the stock is currently owned by institutional investors.
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Primoris Services 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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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