Zacks Investment Research Downgrades Primoris Services (NASDAQ:PRIM) to Hold

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Primoris Services (NASDAQ:PRIM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

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 also recently issued reports on PRIM. ValuEngine upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Primoris Services has a consensus rating of “Hold” and an average price target of $25.50.

Shares of NASDAQ PRIM traded down $0.32 during midday trading on Wednesday, reaching $22.02. The stock had a trading volume of 170,900 shares, compared to its average volume of 172,520. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 12.95 and a beta of 1.42. Primoris Services has a twelve month low of $17.80 and a twelve month high of $24.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.42 and a current ratio of 1.39. The company’s 50 day moving average price is $20.47 and its 200 day moving average price is $20.16.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.04. The firm had revenue of $865.10 million for the quarter, compared to the consensus estimate of $888.30 million. Primoris Services had a net margin of 2.75% and a return on equity of 14.08%. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.63 EPS. Equities analysts forecast that Primoris Services will post 1.63 earnings per share for the current fiscal year.

In related news, Director Brian Pratt sold 19,678 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $20.01, for a total transaction of $393,756.78. Following the transaction, the director now owns 2,114,721 shares in the company, valued at approximately $42,315,567.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 2,349 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $20.92, for a total transaction of $49,141.08. Following the sale, the director now owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. Insiders have sold a total of 492,787 shares of company stock worth $10,065,268 in the last quarter. 13.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in PRIM. Investors Research Corp increased its stake in Primoris Services by 3.9% during the 2nd quarter. Investors Research Corp now owns 15,800 shares of the construction company’s stock valued at $331,000 after purchasing an additional 600 shares in the last quarter. Strs Ohio increased its stake in Primoris Services by 7.5% during the 2nd quarter. Strs Ohio now owns 33,000 shares of the construction company’s stock valued at $690,000 after purchasing an additional 2,300 shares in the last quarter. First Trust Advisors LP increased its stake in Primoris Services by 23.5% during the 2nd quarter. First Trust Advisors LP now owns 192,593 shares of the construction company’s stock valued at $4,031,000 after purchasing an additional 36,634 shares in the last quarter. Alpha Windward LLC grew its stake in shares of Primoris Services by 2.7% in the 2nd quarter. Alpha Windward LLC now owns 22,740 shares of the construction company’s stock worth $478,000 after acquiring an additional 600 shares in the last quarter. Finally, Aperio Group LLC bought a new stake in shares of Primoris Services in the 2nd quarter worth $152,000. Institutional investors and hedge funds own 79.17% of the company’s stock.

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.

Further Reading: Average Daily Trade Volume – ADTV

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