Brokerages predict that Primoris Services Co. (NASDAQ:PRIM) will report sales of $593.65 million for the current quarter, Zacks reports. Two analysts have made estimates for Primoris Services’ earnings. The highest sales estimate is $609.30 million and the lowest is $578.00 million. Primoris Services reported sales of $631.17 million during the same quarter last year, which would suggest a negative year over year growth rate of 5.9%. The company is scheduled to announce its next earnings results on Tuesday, August 14th.
On average, analysts expect that Primoris Services will report full-year sales of $2.52 billion for the current fiscal year, with estimates ranging from $2.49 billion to $2.55 billion. For the next financial year, analysts forecast that the firm will report sales of $2.75 billion per share, with estimates ranging from $2.74 billion to $2.77 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Primoris Services.
Primoris Services (NASDAQ:PRIM) last issued its earnings results on Tuesday, May 8th. The construction company reported $0.01 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.01. The company had revenue of $504.10 million for the quarter, compared to analysts’ expectations of $485.10 million. Primoris Services had a net margin of 2.81% and a return on equity of 9.50%. Primoris Services’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 EPS.
A number of brokerages have recently issued reports on PRIM. Zacks Investment Research cut shares of Primoris Services from a “hold” rating to a “sell” rating in a report on Saturday, May 12th. Canaccord Genuity upped their target price on shares of Primoris Services from $30.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 9th. ValuEngine cut shares of Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, May 9th. BidaskClub raised shares of Primoris Services from a “sell” rating to a “hold” rating in a report on Friday, March 16th. Finally, Sidoti raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Primoris Services currently has an average rating of “Hold” and an average price target of $30.00.
Shares of PRIM stock traded up $0.09 on Friday, reaching $25.16. The stock had a trading volume of 147,558 shares, compared to its average volume of 220,919. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.58 and a current ratio of 1.58. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 1.59 and a beta of 1.17. Primoris Services has a 12 month low of $22.46 and a 12 month high of $30.00.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Friday, June 29th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $0.24 annualized dividend and a yield of 0.95%. Primoris Services’s dividend payout ratio is currently 20.87%.
In related news, CEO David Lee King purchased 7,866 shares of the stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $20.87 per share, with a total value of $164,163.42. Following the acquisition, the chief executive officer now directly owns 14,108 shares in the company, valued at $294,433.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Brian Pratt sold 286,938 shares of the stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $25.17, for a total transaction of $7,222,229.46. Following the completion of the transaction, the director now directly owns 7,838,661 shares in the company, valued at $197,299,097.37. The disclosure for this sale can be found here. Over the last three months, insiders acquired 16,327 shares of company stock worth $340,744 and sold 871,705 shares worth $22,412,523. 19.50% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in PRIM. California Public Employees Retirement System raised its holdings in Primoris Services by 43.5% in the 3rd quarter. California Public Employees Retirement System now owns 21,089 shares of the construction company’s stock valued at $620,000 after acquiring an additional 6,389 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Primoris Services by 36.1% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 408,131 shares of the construction company’s stock valued at $11,098,000 after acquiring an additional 108,152 shares during the period. James Investment Research Inc. bought a new position in Primoris Services in the 4th quarter valued at about $2,652,000. First Quadrant L P CA raised its holdings in Primoris Services by 205.3% in the 4th quarter. First Quadrant L P CA now owns 13,300 shares of the construction company’s stock valued at $362,000 after acquiring an additional 8,944 shares during the period. Finally, Cigna Investments Inc. New bought a new position in Primoris Services in the 4th quarter valued at about $373,000. 71.75% of the stock is currently owned by hedge funds and other institutional investors.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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