DA Davidson Comments on Primoris Services Corporation’s Q3 2017 Earnings (PRIM)
Primoris Services Corporation (NASDAQ:PRIM) – Analysts at DA Davidson reduced their Q3 2017 earnings estimates for shares of Primoris Services Corporation in a research report issued to clients and investors on Wednesday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $0.27 per share for the quarter, down from their previous estimate of $0.32. DA Davidson also issued estimates for Primoris Services Corporation’s Q4 2017 earnings at $0.23 EPS and FY2017 earnings at $1.10 EPS.
A number of other equities research analysts also recently weighed in on the stock. Canaccord Genuity lifted their price target on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub downgraded shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, Zacks Investment Research upgraded shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Saturday, July 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $26.40.
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Primoris Services Corporation (NASDAQ:PRIM) opened at 25.94 on Thursday. Primoris Services Corporation has a 1-year low of $17.21 and a 1-year high of $29.19. The company has a market capitalization of $1.33 billion, a P/E ratio of 42.52 and a beta of 1.58. The firm’s 50-day moving average is $24.88 and its 200-day moving average is $24.13.
Primoris Services Corporation (NASDAQ:PRIM) last announced its earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.11. The business had revenue of $631.20 million during the quarter, compared to the consensus estimate of $582.82 million. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.44%. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 earnings per share.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 14th. Stockholders of record on Friday, September 29th will be paid a $0.055 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 0.85%. Primoris Services Corporation’s dividend payout ratio is presently 23.40%.
Several large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Primoris Services Corporation during the fourth quarter valued at approximately $2,569,000. Teachers Advisors LLC increased its stake in shares of Primoris Services Corporation by 3.3% in the fourth quarter. Teachers Advisors LLC now owns 69,645 shares of the construction company’s stock valued at $1,587,000 after buying an additional 2,232 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in shares of Primoris Services Corporation by 25.4% in the first quarter. Essex Investment Management Co. LLC now owns 48,082 shares of the construction company’s stock valued at $1,116,000 after buying an additional 9,732 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Primoris Services Corporation during the first quarter valued at approximately $16,127,000. Finally, Emerald Advisers Inc. PA purchased a new stake in shares of Primoris Services Corporation during the first quarter valued at approximately $20,358,000. Institutional investors own 70.82% of the company’s stock.
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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