Primoris Services Corporation (PRIM) Given New $30.00 Price Target at Canaccord Genuity

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.

Analyst Recommendations for Primoris Services Corporation (NASDAQ:PRIM)

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