Primoris Services Corp (NASDAQ:PRIM) was the recipient of a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 426,900 shares, a drop of 28.2% from the August 31st total of 594,700 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily volume of 406,400 shares, the short-interest ratio is presently 1.1 days.
Primoris Services stock traded down $0.38 during trading on Thursday, hitting $17.66. The company’s stock had a trading volume of 236,408 shares, compared to its average volume of 297,938. The stock’s fifty day moving average is $18.43 and its 200 day moving average is $16.37. Primoris Services has a 1-year low of $9.42 and a 1-year high of $23.73. The stock has a market capitalization of $852.31 million, a price-to-earnings ratio of 9.68 and a beta of 1.19. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.38.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 4th. The construction company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.35 by $0.33. The company had revenue of $908.20 million during the quarter, compared to analysts’ expectations of $811.43 million. Primoris Services had a return on equity of 15.06% and a net margin of 2.78%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. On average, research analysts anticipate that Primoris Services will post 1.7 EPS for the current fiscal year.
Several research firms recently commented on PRIM. Sidoti boosted their price objective on shares of Primoris Services from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Thursday, September 3rd. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a research report on Saturday, August 8th. CJS Securities raised Primoris Services to a “buy” rating in a research note on Tuesday, June 16th. Finally, KeyCorp increased their target price on Primoris Services from $16.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Primoris Services has a consensus rating of “Buy” and an average target price of $22.00.
In related news, Director Thomas E. Tucker sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $19.00, for a total value of $47,500.00. Following the completion of the transaction, the director now directly owns 29,293 shares of the company’s stock, valued at approximately $556,567. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas E. Tucker sold 10,000 shares of Primoris Services stock in a transaction on Monday, September 28th. The stock was sold at an average price of $18.69, for a total value of $186,900.00. Following the transaction, the director now directly owns 19,293 shares of the company’s stock, valued at $360,586.17. The disclosure for this sale can be found here. Insiders sold 15,000 shares of company stock valued at $281,900 in the last quarter. Company insiders own 1.50% of the company’s stock.
Large investors have recently bought and sold shares of the business. Two Sigma Advisers LP boosted its holdings in shares of Primoris Services by 77.0% in the 2nd quarter. Two Sigma Advisers LP now owns 66,416 shares of the construction company’s stock valued at $1,180,000 after purchasing an additional 28,893 shares during the last quarter. Bridgeway Capital Management Inc. boosted its holdings in Primoris Services by 692.5% in the second quarter. Bridgeway Capital Management Inc. now owns 158,500 shares of the construction company’s stock valued at $2,815,000 after acquiring an additional 138,500 shares during the last quarter. Handelsbanken Fonder AB purchased a new stake in Primoris Services during the second quarter valued at about $180,000. Nuveen Asset Management LLC grew its position in Primoris Services by 16.6% during the second quarter. Nuveen Asset Management LLC now owns 301,511 shares of the construction company’s stock valued at $5,355,000 after acquiring an additional 42,849 shares during the period. Finally, Zebra Capital Management LLC increased its stake in Primoris Services by 38.0% during the second quarter. Zebra Capital Management LLC now owns 25,599 shares of the construction company’s stock worth $455,000 after acquiring an additional 7,047 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.
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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