Primoris Services Corp (NASDAQ:PRIM) – Equities researchers at DA Davidson upped their FY2018 earnings estimates for shares of Primoris Services in a research note issued to investors on Wednesday, November 7th. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings of $1.58 per share for the year, up from their previous estimate of $1.56.
PRIM has been the subject of a number of other reports. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Zacks Investment Research raised Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a research report on Saturday, August 11th. Finally, ValuEngine lowered Primoris Services from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.75.
Shares of Primoris Services stock opened at $24.06 on Friday. Primoris Services has a one year low of $20.79 and a one year high of $28.96. The stock has a market capitalization of $1.22 billion, a P/E ratio of 20.92, a PEG ratio of 1.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.55 and a quick ratio of 1.55.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.04. Primoris Services had a return on equity of 10.95% and a net margin of 2.56%. The firm had revenue of $908.90 million during the quarter, compared to analyst estimates of $789.90 million. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up 49.4% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Friday, December 28th. Primoris Services’s payout ratio is 20.87%.
In related news, CEO David Lee King sold 7,866 shares of the business’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $25.44, for a total value of $200,111.04. Following the completion of the sale, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at approximately $158,796.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 1,964 shares of the business’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the sale, the director now directly owns 11,897 shares of the company’s stock, valued at $297,425. The disclosure for this sale can be found here. Insiders sold a total of 734,833 shares of company stock valued at $18,475,786 over the last ninety days. 19.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in Primoris Services by 210.6% in the first quarter. JPMorgan Chase & Co. now owns 28,005 shares of the construction company’s stock valued at $699,000 after acquiring an additional 18,988 shares in the last quarter. California Public Employees Retirement System grew its position in Primoris Services by 79.6% in the first quarter. California Public Employees Retirement System now owns 44,238 shares of the construction company’s stock valued at $1,105,000 after acquiring an additional 19,605 shares in the last quarter. Russell Investments Group Ltd. grew its position in Primoris Services by 24.0% in the first quarter. Russell Investments Group Ltd. now owns 21,951 shares of the construction company’s stock valued at $548,000 after acquiring an additional 4,251 shares in the last quarter. UBS Group AG grew its position in Primoris Services by 38.2% in the first quarter. UBS Group AG now owns 86,197 shares of the construction company’s stock valued at $2,153,000 after acquiring an additional 23,846 shares in the last quarter. Finally, Xact Kapitalforvaltning AB acquired a new stake in Primoris Services in the first quarter valued at approximately $253,000. Institutional investors and hedge funds own 76.93% of the company’s stock.
About Primoris Services
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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