ValuEngine Downgrades Primoris Services (PRIM) to Hold


Primoris Services (NASDAQ:PRIM) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

PRIM has been the topic of a number of other reports. Stephens reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Primoris Services in a research note on Tuesday, February 27th. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. BidaskClub cut shares of Primoris Services from a “sell” rating to a “strong sell” rating in a research note on Saturday, January 20th. DA Davidson raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Sidoti raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Primoris Services has an average rating of “Hold” and an average price target of $30.00.


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Shares of Primoris Services opened at $24.77 on Wednesday, Marketbeat.com reports. The company has a quick ratio of 1.46, a current ratio of 1.58 and a debt-to-equity ratio of 0.32. The firm has a market cap of $1.31 billion, a P/E ratio of 25.44, a P/E/G ratio of 1.59 and a beta of 1.17.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, May 8th. The construction company reported $0.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.01. The business had revenue of $504.10 million during the quarter, compared to analyst estimates of $485.10 million. Primoris Services had a net margin of 2.81% and a return on equity of 9.50%. Primoris Services’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 earnings per share. research analysts expect that Primoris Services will post 1.6 EPS for the current year.


In other Primoris Services news, CEO David Lee King acquired 7,866 shares of Primoris Services stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $20.87 per share, with a total value of $164,163.42. Following the completion of the purchase, the chief executive officer now owns 14,108 shares in the company, valued at $294,433.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Brian Pratt sold 181,638 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $26.02, for a total transaction of $4,726,220.76. Following the completion of the transaction, the director now directly owns 8,036,941 shares in the company, valued at $209,121,204.82. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 16,327 shares of company stock worth $340,744 and sold 522,675 shares worth $13,636,726. 19.50% of the stock is currently owned by company insiders.


Several hedge funds and other institutional investors have recently made changes to their positions in PRIM. Van Berkom & Associates Inc. boosted its position in shares of Primoris Services by 32.2% during the first quarter. Van Berkom & Associates Inc. now owns 2,713,980 shares of the construction company’s stock worth $67,795,000 after purchasing an additional 661,497 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Primoris Services by 750.3% during the fourth quarter. American Century Companies Inc. now owns 243,431 shares of the construction company’s stock worth $6,619,000 after purchasing an additional 214,802 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Primoris Services during the fourth quarter worth $4,267,000. Eagle Asset Management Inc. boosted its position in shares of Primoris Services by 110.2% during the first quarter. Eagle Asset Management Inc. now owns 279,522 shares of the construction company’s stock worth $6,982,000 after purchasing an additional 146,570 shares in the last quarter. Finally, Denver Investment Advisors LLC bought a new position in shares of Primoris Services during the first quarter worth $3,561,000. 70.18% of the stock is currently owned by institutional investors.


About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.

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Analyst Recommendations for Primoris Services (NASDAQ:PRIM)

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