Primoris Services (NASDAQ:PRIM) Cut to Sell at BidaskClub

BidaskClub cut shares of Primoris Services (NASDAQ:PRIM) from a hold rating to a sell rating in a research report sent to investors on Tuesday, BidAskClub reports.

Separately, Zacks Investment Research raised Primoris Services from a sell rating to a buy rating and set a $23.00 price objective for the company in a report on Tuesday, September 24th.

PRIM stock traded up $0.56 during midday trading on Tuesday, hitting $19.77. The stock had a trading volume of 64,130 shares, compared to its average volume of 170,162. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 11.63 and a beta of 1.43. Primoris Services has a 52 week low of $17.80 and a 52 week high of $24.85. The stock has a 50-day simple moving average of $19.61 and a 200 day simple moving average of $20.27. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.76.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Tuesday, August 6th. The construction company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $789.90 million during the quarter, compared to analysts’ expectations of $749.23 million. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. Primoris Services’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the business earned $0.31 earnings per share. On average, equities analysts forecast that Primoris Services will post 1.69 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, September 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.21%. Primoris Services’s payout ratio is presently 14.12%.

In related news, Director Stephen C. Cook sold 2,349 shares of Primoris Services stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.92, for a total value of $49,141.08. Following the completion of the transaction, the director now directly owns 14,172 shares of the company’s stock, valued at $296,478.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian Pratt sold 19,678 shares of Primoris Services stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $20.01, for a total value of $393,756.78. Following the completion of the transaction, the director now directly owns 2,114,721 shares of the company’s stock, valued at $42,315,567.21. The disclosure for this sale can be found here. Over the last three months, insiders have sold 492,787 shares of company stock valued at $10,065,268. Company insiders own 13.80% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Divisar Capital Management LLC raised its holdings in shares of Primoris Services by 14.8% in the second quarter. Divisar Capital Management LLC now owns 310,749 shares of the construction company’s stock valued at $6,504,000 after buying an additional 40,000 shares during the last quarter. Menta Capital LLC raised its holdings in shares of Primoris Services by 18.9% in the second quarter. Menta Capital LLC now owns 11,886 shares of the construction company’s stock valued at $249,000 after buying an additional 1,886 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Primoris Services in the first quarter valued at about $112,000. Van Berkom & Associates Inc. raised its holdings in shares of Primoris Services by 22.0% in the second quarter. Van Berkom & Associates Inc. now owns 3,250,146 shares of the construction company’s stock valued at $68,026,000 after buying an additional 587,063 shares during the last quarter. Finally, Keeley Teton Advisors LLC raised its holdings in shares of Primoris Services by 338.7% in the second quarter. Keeley Teton Advisors LLC now owns 409,091 shares of the construction company’s stock valued at $8,562,000 after buying an additional 315,841 shares during the last quarter. 79.20% of the stock is owned by institutional investors and hedge funds.

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.

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