Primoris Services Corporation (NASDAQ:PRIM) – Equities research analysts at KeyCorp cut their FY2017 earnings per share (EPS) estimates for Primoris Services in a report released on Tuesday, according to Zacks Investment Research. KeyCorp analyst T. Afzal now forecasts that the construction company will earn $1.25 per share for the year, down from their prior forecast of $1.26. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for Primoris Services’ Q4 2017 earnings at $0.29 EPS and FY2018 earnings at $1.35 EPS.
Other equities analysts have also issued research reports about the company. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Canaccord Genuity increased their target price on Primoris Services from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research lowered Primoris Services from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Seaport Global Securities reissued a “buy” rating and issued a $32.00 target price (up previously from $29.00) on shares of Primoris Services in a research note on Wednesday, October 11th. Finally, TheStreet raised Primoris Services from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.67.
Shares of Primoris Services (PRIM) traded up $0.30 on Friday, hitting $27.04. The stock had a trading volume of 360,214 shares, compared to its average volume of 227,725. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. Primoris Services has a twelve month low of $21.83 and a twelve month high of $30.00. The firm has a market capitalization of $1,380.00, a price-to-earnings ratio of 22.85, a PEG ratio of 2.23 and a beta of 1.60.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.09. Primoris Services had a return on equity of 15.66% and a net margin of 3.64%. The business had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The firm’s revenue for the quarter was up 19.8% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a $0.06 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.24 annualized dividend and a yield of 0.89%. Primoris Services’s dividend payout ratio is presently 17.74%.
In other Primoris Services news, Director Brian Pratt sold 105,734 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80. Following the completion of the sale, the director now directly owns 9,646,585 shares in the company, valued at $272,033,697. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the sale, the chief financial officer now owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders sold 1,548,356 shares of company stock worth $43,921,202 in the last three months. Insiders own 24.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in PRIM. Alliancebernstein L.P. increased its holdings in shares of Primoris Services by 8.3% in the first quarter. Alliancebernstein L.P. now owns 55,900 shares of the construction company’s stock worth $1,298,000 after acquiring an additional 4,300 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Primoris Services in the first quarter worth about $234,000. Teachers Advisors LLC increased its holdings in shares of Primoris Services by 3.0% in the first quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock worth $1,665,000 after acquiring an additional 2,065 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Primoris Services by 3.7% in the first quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after acquiring an additional 116,098 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Primoris Services by 5.9% in the first quarter. Geode Capital Management LLC now owns 340,116 shares of the construction company’s stock worth $7,897,000 after acquiring an additional 19,068 shares in the last quarter. Institutional investors own 66.48% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “FY2017 EPS Estimates for Primoris Services Corporation Reduced by KeyCorp (PRIM)” was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this report on another domain, it was illegally copied and republished in violation of U.S. and international copyright & trademark legislation. The correct version of this report can be read at https://ledgergazette.com/2017/11/28/primoris-services-corporation-to-post-fy2017-earnings-of-1-25-per-share-keycorp-forecasts-prim.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Primoris Services Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corporation and related companies with MarketBeat.com's FREE daily email newsletter.