FY2017 EPS Estimates for Primoris Services Corporation Reduced by KeyCorp (PRIM)

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.

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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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Earnings History and Estimates for Primoris Services (NASDAQ:PRIM)

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