Wall Street analysts predict that Primoris Services Corp (NASDAQ:PRIM) will post sales of $491.65 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Primoris Services’ earnings, with the highest sales estimate coming in at $500.00 million and the lowest estimate coming in at $483.30 million. Primoris Services posted sales of $561.50 million in the same quarter last year, which indicates a negative year over year growth rate of 12.4%. The firm is expected to report its next quarterly earnings report on Monday, May 14th.
According to Zacks, analysts expect that Primoris Services will report full-year sales of $491.65 million for the current financial year, with estimates ranging from $2.59 billion to $2.61 billion. For the next financial year, analysts expect that the company will report sales of $2.76 billion per share, with estimates ranging from $2.74 billion to $2.78 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Primoris Services.
Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Tuesday, February 27th. The construction company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.23 by $0.02. The business had revenue of $579.02 million during the quarter, compared to analyst estimates of $558.67 million. Primoris Services had a net margin of 3.04% and a return on equity of 11.11%. The company’s quarterly revenue was down 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.28 earnings per share.
In related news, CEO David Lee King acquired 7,866 shares of Primoris Services stock in a transaction that occurred on Monday, February 26th. The stock was acquired at an average price of $20.87 per share, with a total value of $164,163.42. Following the completion of the acquisition, the chief executive officer now directly owns 14,108 shares of the company’s stock, valued at approximately $294,433.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian Pratt sold 286,664 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $26.15, for a total transaction of $7,496,263.60. Following the completion of the sale, the director now directly owns 8,470,378 shares of the company’s stock, valued at approximately $221,500,384.70. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 16,327 shares of company stock valued at $340,744 and sold 395,017 shares valued at $10,421,229. Corporate insiders own 24.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio lifted its holdings in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after acquiring an additional 320 shares during the last quarter. Voya Investment Management LLC lifted its holdings in Primoris Services by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock valued at $500,000 after acquiring an additional 1,927 shares during the last quarter. American International Group Inc. lifted its holdings in Primoris Services by 8.1% in the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock valued at $778,000 after acquiring an additional 1,978 shares during the last quarter. First Quadrant L P CA lifted its holdings in Primoris Services by 109.4% in the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after acquiring an additional 2,276 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Primoris Services by 16.8% in the 4th quarter. California Public Employees Retirement System now owns 24,633 shares of the construction company’s stock valued at $670,000 after acquiring an additional 3,544 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.
Primoris Services (NASDAQ:PRIM) traded up $0.18 during trading on Friday, hitting $26.19. 570,676 shares of the stock traded hands, compared to its average volume of 350,580. The company has a market capitalization of $1,350.00, a price-to-earnings ratio of 21.47, a P/E/G ratio of 1.69 and a beta of 1.27. The company has a quick ratio of 1.46, a current ratio of 1.55 and a debt-to-equity ratio of 0.34. Primoris Services has a fifty-two week low of $21.83 and a fifty-two week high of $30.00.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Wednesday, March 28th. Primoris Services’s payout ratio is currently 19.67%.
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About Primoris Services
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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