Analysts expect Primoris Services Corp (NASDAQ:PRIM) to post sales of $491.65 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Primoris Services’ earnings, with estimates ranging from $483.30 million to $500.00 million. Primoris Services reported sales of $561.50 million in the same quarter last year, which indicates a negative year-over-year growth rate of 12.4%. The company is scheduled to report its next quarterly earnings report on Monday, May 14th.
According to Zacks, analysts expect that Primoris Services will report full-year sales of $491.65 million for the current year, with estimates ranging from $2.59 billion to $2.61 billion. For the next year, analysts expect that the business will post sales of $2.76 billion per share, with estimates ranging from $2.74 billion to $2.78 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Primoris Services.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, February 27th. The construction company reported $0.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.02. Primoris Services had a net margin of 3.04% and a return on equity of 11.11%. The company had revenue of $579.02 million for the quarter, compared to analyst estimates of $558.67 million. During the same quarter in the prior year, the business posted $0.28 EPS. Primoris Services’s quarterly revenue was down 3.8% on a year-over-year basis.
Several brokerages have recently commented on PRIM. BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Friday, March 16th. Zacks Investment Research upgraded shares of Primoris Services from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Friday, March 2nd. Sidoti upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. DA Davidson upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Stephens reiterated a “hold” rating and issued a $28.00 target price on shares of Primoris Services in a research note on Tuesday, February 27th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Primoris Services has a consensus rating of “Buy” and a consensus target price of $29.50.
In related news, Director Brian Pratt sold 181,638 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $26.02, for a total value of $4,726,220.76. Following the transaction, the director now directly owns 8,036,941 shares in the company, valued at approximately $209,121,204.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 50,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 16,327 shares of company stock worth $340,744 and sold 572,675 shares worth $15,036,726. Company insiders own 24.00% of the company’s stock.
A number of large investors have recently bought and sold shares of PRIM. Public Employees Retirement System of Ohio grew its stake in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the last quarter. SG Americas Securities LLC bought a new stake in Primoris Services in the 3rd quarter valued at $152,000. Great West Life Assurance Co. Can boosted its holdings in Primoris Services by 159.1% in the 3rd quarter. Great West Life Assurance Co. Can now owns 5,985 shares of the construction company’s stock valued at $175,000 after purchasing an additional 3,675 shares during the period. Stevens Capital Management LP bought a new stake in Primoris Services in the 3rd quarter valued at $203,000. Finally, Royal Bank of Canada boosted its holdings in Primoris Services by 449.9% in the 2nd quarter. Royal Bank of Canada now owns 8,694 shares of the construction company’s stock valued at $217,000 after purchasing an additional 7,113 shares during the period. Institutional investors and hedge funds own 71.76% of the company’s stock.
PRIM stock opened at $26.06 on Wednesday. Primoris Services has a 12 month low of $21.83 and a 12 month high of $30.00. The company has a market cap of $1,384.13, a price-to-earnings ratio of 18.48, a PEG ratio of 1.68 and a beta of 1.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.55.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%. Primoris Services’s payout ratio is presently 17.02%.
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Primoris Services 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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