Primoris Services Corporation (NASDAQ:PRIM) had its price objective boosted by Canaccord Genuity from $28.00 to $30.00 in a research note released on Wednesday morning. Canaccord Genuity currently has a buy rating on the construction company’s stock.
Other analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Primoris Services Corporation from a hold rating to a buy rating and set a $28.00 price objective on the stock in a report on Saturday, July 15th. BidaskClub raised shares of Primoris Services Corporation from a sell rating to a hold rating in a report on Thursday, June 29th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $26.40.
Primoris Services Corporation (PRIM) traded up 2.55% on Wednesday, reaching $26.13. 416,269 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $24.98 and a 200 day moving average price of $24.17. Primoris Services Corporation has a 12-month low of $17.34 and a 12-month high of $29.19. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 28.43 and a beta of 1.58.
Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.31 by $0.11. The business 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 business’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 EPS. Analysts forecast that Primoris Services Corporation will post $1.18 EPS for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is presently 23.40%.
A number of hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of 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 worth $120,000 after buying an additional 595 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of 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 worth $139,000 after buying an additional 4,721 shares during the period. Citigroup Inc. increased its stake in shares of Primoris Services Corporation by 356.6% in the second quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock worth $161,000 after buying an additional 5,049 shares during the period. JPMorgan Chase & Co. increased its stake in shares of 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 worth $184,000 after buying an additional 7,104 shares during the period. Finally, Stevens Capital Management LP purchased a new stake in shares of Primoris Services Corporation during the first quarter worth about $225,000. 70.82% of the stock is currently owned by hedge funds and other institutional investors.
Primoris Services Corporation Company Profile
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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