Primoris Services Corporation (NASDAQ:PRIM) Receives Average Rating of “Hold” from Brokerages

Shares of Primoris Services Corporation (NASDAQ:PRIM) have received an average recommendation of “Hold” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $26.00.

PRIM has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday. BidaskClub downgraded shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Canaccord Genuity raised their price objective on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday.

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Primoris Services Corporation (PRIM) opened at 26.13 on Tuesday. The stock’s 50 day moving average is $24.98 and its 200-day moving average is $24.17. Primoris Services Corporation has a 52-week low of $17.34 and a 52-week high of $29.19. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of 28.43 and a beta of 1.58.

Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The firm had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company’s revenue was up 38.2% on a year-over-year basis. During the same period last year, the firm earned $0.10 EPS. Equities research analysts anticipate that Primoris Services Corporation will post $1.18 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be paid a dividend of $0.055 per share. The ex-dividend date is Thursday, September 28th. This represents a $0.22 annualized dividend and a yield of 0.84%. Primoris Services Corporation’s payout ratio is 23.40%.

Institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its position in Primoris Services Corporation by 13.0% in the first quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock valued at $120,000 after buying an additional 595 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Primoris Services Corporation 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 buying an additional 4,721 shares during the last quarter. Citigroup Inc. boosted its position in Primoris Services Corporation by 356.6% in the second quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock valued at $161,000 after buying an additional 5,049 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Primoris Services Corporation by 2,368.0% in the second quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock valued at $184,000 after buying an additional 7,104 shares during the last quarter. Finally, Stevens Capital Management LP bought a new position in Primoris Services Corporation during the first quarter valued at $225,000. 70.82% of the stock is owned by institutional investors.

About Primoris Services Corporation

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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