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.
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