Primoris Services Corporation (NYSE:PRIM) Stock Now Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Wall Street has a “Moderate Buy” consensus on Primoris Services, with 10 buy ratings and 7 hold ratings among 17 analysts. The average 12-month price target is $123.47.
• Shares opened at $73.07, well below the 52-week high of $205.50. The company’s latest quarter beat EPS expectations, but revenue fell 10.7% year over year to $1.69 billion.
• Institutional ownership is substantial at 91.82%, with major investors including BlackRock, Wellington Management and First Trust increasing or initiating positions. Primoris also pays a quarterly dividend of $0.08 per share, yielding 0.4%.

Primoris Services Corporation (NYSE:PRIM - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the seventeen brokerages that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $123.47.

PRIM has been the subject of several research reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $105.00 target price on shares of Primoris Services in a research note on Tuesday, September 29th. Guggenheim lowered their price target on Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. KeyCorp reaffirmed a "sector weight" rating on shares of Primoris Services in a report on Tuesday, June 23rd. Zacks Research raised Primoris Services from a "strong sell" rating to a "hold" rating in a report on Monday, August 24th. Finally, Roth Capital reiterated a "buy" rating and issued a $100.00 price objective on shares of Primoris Services in a research report on Monday, July 20th.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $73.07 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.18 and a quick ratio of 1.18. Primoris Services has a fifty-two week low of $65.00 and a fifty-two week high of $205.50. The firm has a fifty day moving average price of $77.19 and a two-hundred day moving average price of $102.94. The company has a market cap of $3.93 billion, a PE ratio of 28.66 and a beta of 1.44.

Primoris Services (NYSE:PRIM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.08. Primoris Services had a net margin of 1.92% and a return on equity of 9.96%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the business posted $1.68 EPS. The business's quarterly revenue was down 10.7% on a year-over-year basis. Analysts expect that Primoris Services will post 1.77 EPS for the current year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, September 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Primoris Services's payout ratio is currently 12.55%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Primoris Services during the second quarter worth $677,685,000. Wellington Management Group LLP increased its holdings in Primoris Services by 148.7% in the 2nd quarter. Wellington Management Group LLP now owns 4,675,487 shares of the company's stock valued at $463,434,000 after buying an additional 2,795,887 shares during the period. First Trust Advisors LP raised its stake in shares of Primoris Services by 47.4% in the 1st quarter. First Trust Advisors LP now owns 2,886,163 shares of the company's stock valued at $412,837,000 after buying an additional 928,155 shares in the last quarter. Grandeur Peak Global Advisors LLC acquired a new position in shares of Primoris Services in the 2nd quarter valued at $3,482,000. Finally, William Blair Investment Management LLC acquired a new position in shares of Primoris Services in the 2nd quarter valued at $39,645,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides construction, maintenance and engineering services for critical infrastructure across the United States. The company serves markets including utilities, energy, power delivery, renewable energy, transportation and industrial facilities.

Its services include the construction and maintenance of electric transmission and distribution systems, natural gas and water infrastructure, pipelines, power-generation facilities, solar and renewable-energy projects, and other complex industrial assets.

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