Primoris Services (PRIM) Upgraded by ValuEngine to “Buy”

Primoris Services (NASDAQ:PRIM) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday.

Other analysts have also issued reports about the company. BidaskClub upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Friday, March 16th. Zacks Investment Research upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Tuesday, June 12th. Stephens restated a “hold” rating and issued a $28.00 price target on shares of Primoris Services in a report on Tuesday, February 27th. Canaccord Genuity boosted their price target on Primoris Services from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 9th. Finally, Sidoti upgraded Primoris Services from a “neutral” rating to a “buy” rating in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $30.00.

Get Primoris Services alerts:

Shares of Primoris Services traded up $0.53, reaching $28.68, during trading on Monday, MarketBeat reports. The stock had a trading volume of 235,800 shares, compared to its average volume of 271,571. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 1.79 and a beta of 1.18. Primoris Services has a 52 week low of $23.61 and a 52 week high of $30.00. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.58 and a quick ratio of 1.58.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, May 8th. The construction company reported $0.01 EPS for the quarter, meeting analysts’ consensus estimates of $0.01. The company had revenue of $504.10 million for the quarter, compared to analyst estimates of $485.10 million. Primoris Services had a return on equity of 9.50% and a net margin of 2.81%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 earnings per share. equities analysts expect that Primoris Services will post 1.58 EPS for the current year.

In related news, VP John M. Perisich sold 9,055 shares of the company’s stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $25.14, for a total transaction of $227,642.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian Pratt sold 53,037 shares of the company’s stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $25.00, for a total value of $1,325,925.00. Following the sale, the director now owns 7,838,661 shares in the company, valued at approximately $195,966,525. The disclosure for this sale can be found here. Insiders have sold 349,030 shares of company stock worth $8,775,797 in the last quarter. 19.50% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. bought a new stake in Primoris Services during the first quarter worth about $107,000. SG Americas Securities LLC bought a new stake in Primoris Services during the first quarter worth about $118,000. Element Capital Management LLC bought a new stake in Primoris Services during the first quarter worth about $221,000. Verition Fund Management LLC bought a new stake in Primoris Services during the first quarter worth about $222,000. Finally, Koch Industries Inc. bought a new stake in Primoris Services during the fourth quarter worth about $237,000. Institutional investors and hedge funds own 70.68% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.