$560.60 Million in Sales Expected for Primoris Services Corporation (PRIM) This Quarter
Equities analysts expect that Primoris Services Corporation (NASDAQ:PRIM) will post $560.60 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Primoris Services Corporation’s earnings, with the lowest sales estimate coming in at $515.00 million and the highest estimate coming in at $598.50 million. Primoris Services Corporation posted sales of $601.86 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 6.9%. The company is scheduled to announce its next quarterly earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Primoris Services Corporation will report full-year sales of $560.60 million for the current year, with estimates ranging from $2.32 billion to $2.40 billion. For the next year, analysts anticipate that the firm will post sales of $2.55 billion per share, with estimates ranging from $2.48 billion to $2.58 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Primoris Services Corporation.
Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The company had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share.
Several equities research analysts have weighed in on PRIM shares. Zacks Investment Research lowered shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a report on Friday, November 10th. BidaskClub lowered shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a report on Friday, August 11th. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a report on Tuesday, September 19th. Finally, Canaccord Genuity increased their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Primoris Services Corporation presently has a consensus rating of “Hold” and a consensus target price of $30.00.
Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $26.77 on Tuesday. The company has a quick ratio of 1.41, a current ratio of 1.49 and a debt-to-equity ratio of 0.36. The firm has a market cap of $1,340.00, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 2.18 and a beta of 1.60. Primoris Services Corporation has a twelve month low of $21.83 and a twelve month high of $30.00.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.90%. This is a positive change from Primoris Services Corporation’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is presently 17.74%.
In related news, Director Brian Pratt sold 88,500 shares of the firm’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $28.67, for a total value of $2,537,295.00. Following the completion of the transaction, the director now owns 8,659,574 shares of the company’s stock, valued at $248,269,986.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the completion of the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,548,356 shares of company stock worth $43,921,202. 24.00% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its position in Primoris Services Corporation by 8.2% in the second quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares in the last quarter. First Quadrant L P CA grew its position in Primoris Services Corporation by 109.4% in the third quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after purchasing an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Primoris Services Corporation in the third quarter valued at $138,000. SG Americas Securities LLC bought a new position in Primoris Services Corporation in the third quarter valued at $152,000. Finally, BNP Paribas Arbitrage SA grew its position in Primoris Services Corporation by 554.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after purchasing an additional 4,721 shares in the last quarter. 66.48% of the stock is owned by institutional investors and hedge funds.
About Primoris Services Corporation
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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