Primoris Services Co. (NASDAQ:PRIM) Expected to Post Earnings of $0.64 Per Share

Posted by on Jun 8th, 2022

Equities research analysts forecast that Primoris Services Co. (NASDAQ:PRIM – Get Rating) will post $0.64 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Primoris Services’ earnings. The highest EPS estimate is $0.67 and the lowest is $0.59. Primoris Services reported earnings of $0.68 per share in the same quarter last year, which would indicate a negative year over year growth rate of 5.9%. The business is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Primoris Services will report full-year earnings of $2.42 per share for the current year, with EPS estimates ranging from $2.24 to $2.59. For the next year, analysts expect that the company will post earnings of $2.74 per share, with EPS estimates ranging from $2.50 to $2.98. Zacks’ EPS averages are an average based on a survey of research firms that cover Primoris Services.

Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings results on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). Primoris Services had a net margin of 3.12% and a return on equity of 12.33%. The firm had revenue of $784.38 million during the quarter, compared to the consensus estimate of $799.18 million. During the same period in the prior year, the business earned $0.32 EPS. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year.

A number of equities research analysts have recently issued reports on the company. Morgan Stanley dropped their price objective on Primoris Services from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 23rd. DA Davidson restated a “buy” rating on shares of Primoris Services in a research report on Wednesday, March 2nd. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Wednesday, May 25th. Finally, StockNews.com began coverage on Primoris Services in a research report on Thursday, March 31st. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of “Buy” and a consensus price target of $30.25.

Shares of PRIM stock traded up $0.35 on Tuesday, reaching $25.34. The company had a trading volume of 532,928 shares, compared to its average volume of 426,363. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.61. The stock has a market cap of $1.35 billion, a PE ratio of 12.73 and a beta of 1.07. The company has a 50-day moving average of $24.47 and a 200-day moving average of $24.94. Primoris Services has a 12 month low of $21.47 and a 12 month high of $34.02.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, June 29th. This represents a $0.24 annualized dividend and a dividend yield of 0.95%. Primoris Services’s dividend payout ratio (DPR) is presently 12.06%.

In other news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 15th. The stock was sold at an average price of $26.51, for a total transaction of $530,200.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in Primoris Services by 26.1% in the 1st quarter. Wellington Management Group LLP now owns 4,873,880 shares of the construction company’s stock valued at $116,096,000 after purchasing an additional 1,009,809 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Primoris Services by 9.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,609,697 shares of the construction company’s stock valued at $62,165,000 after purchasing an additional 218,611 shares during the period. Invesco Ltd. increased its holdings in shares of Primoris Services by 92.5% in the first quarter. Invesco Ltd. now owns 2,217,273 shares of the construction company’s stock valued at $52,815,000 after purchasing an additional 1,065,317 shares during the period. GW&K Investment Management LLC boosted its stake in shares of Primoris Services by 14.2% in the fourth quarter. GW&K Investment Management LLC now owns 1,534,643 shares of the construction company’s stock valued at $36,801,000 after buying an additional 190,599 shares in the last quarter. Finally, State Street Corp boosted its position in Primoris Services by 14.4% during the first quarter. State Street Corp now owns 1,208,371 shares of the construction company’s stock worth $28,853,000 after purchasing an additional 152,377 shares in the last quarter. Institutional investors own 88.35% of the company’s stock.

Primoris Services Company Profile (Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

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