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

Primoris Services (NASDAQ:PRIMGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Saturday, 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. “

PRIM has been the topic of several other research reports. StockNews.com started coverage on Primoris Services in a research note on Thursday, March 31st. They set a “hold” rating on the stock. DA Davidson reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, March 2nd. Finally, Morgan Stanley reduced their price target on Primoris Services from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Wednesday, March 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Primoris Services currently has an average rating of “Hold” and a consensus price target of $30.75.

NASDAQ:PRIM opened at $22.84 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.56 and a quick ratio of 1.56. Primoris Services has a fifty-two week low of $21.47 and a fifty-two week high of $34.02. The stock’s 50-day moving average is $25.12 and its two-hundred day moving average is $25.26. The stock has a market cap of $1.22 billion, a PE ratio of 11.48 and a beta of 1.07.

Primoris Services (NASDAQ:PRIMGet Rating) last released its earnings results on Monday, May 9th. The construction company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.09). Primoris Services had a net margin of 3.12% and a return on equity of 12.39%. The business had revenue of $784.38 million for the quarter, compared to analysts’ expectations of $799.18 million. During the same period last year, the firm earned $0.32 EPS. The company’s revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Primoris Services will post 2.49 earnings per share for the current year.

In related news, Director David Lee King sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $26.51, for a total value of $530,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of PRIM. Point72 Hong Kong Ltd lifted its holdings in Primoris Services by 55.8% in the 4th quarter. Point72 Hong Kong Ltd now owns 4,133 shares of the construction company’s stock worth $99,000 after purchasing an additional 1,481 shares during the last quarter. UBS Group AG lifted its holdings in Primoris Services by 45.5% in the 3rd quarter. UBS Group AG now owns 4,029 shares of the construction company’s stock worth $99,000 after purchasing an additional 1,260 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Primoris Services by 32.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,045 shares of the construction company’s stock worth $193,000 after purchasing an additional 1,975 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Primoris Services by 9.8% during the third quarter. PNC Financial Services Group Inc. now owns 8,284 shares of the construction company’s stock worth $203,000 after buying an additional 739 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Primoris Services by 30.0% during the third quarter. Royal Bank of Canada now owns 8,288 shares of the construction company’s stock worth $203,000 after buying an additional 1,914 shares during the last quarter. Hedge funds and other institutional investors own 88.35% of the company’s stock.

Primoris Services Company Profile (Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

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