Primoris Services Corporation (NASDAQ:PRIM) – DA Davidson issued their Q2 2018 earnings per share estimates for shares of Primoris Services Corporation in a report issued on Wednesday. DA Davidson analyst B. Thielman anticipates that the construction company will earn $0.38 per share for the quarter. DA Davidson also issued estimates for Primoris Services Corporation’s Q3 2018 earnings at $0.61 EPS.
Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.09. Primoris Services Corporation had a return on equity of 11.70% and a net margin of 2.68%. The firm had revenue of $608.31 million for the quarter, compared to analysts’ expectations of $588.19 million. During the same period last year, the firm earned $0.09 EPS. The company’s quarterly revenue was up 19.8% on a year-over-year basis.
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A number of other equities research analysts have also recently commented on the company. KeyCorp restated a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Zacks Investment Research upgraded Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Saturday, October 14th. BidaskClub lowered shares of Primoris Services Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Seaport Global Securities reaffirmed a “buy” rating and issued a $32.00 price target (up from $29.00) on shares of Primoris Services Corporation in a research note on Wednesday, October 11th. Finally, TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $30.00.
Primoris Services Corporation (PRIM) traded down $0.98 during trading hours on Friday, hitting $26.09. The stock had a trading volume of 309,732 shares, compared to its average volume of 304,593. Primoris Services Corporation has a 52-week low of $21.83 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.36. The firm has a market cap of $1,392.72, a PE ratio of 23.14, a PEG ratio of 2.26 and a beta of 1.60.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 28th. This is a positive change from Primoris Services Corporation’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%. Primoris Services Corporation’s dividend payout ratio (DPR) is currently 17.60%.
In other Primoris Services Corporation news, Director Brian Pratt sold 105,734 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total value of $2,981,698.80. Following the transaction, the director now directly owns 9,646,585 shares of the company’s stock, valued at approximately $272,033,697. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction that occurred on Monday, September 25th. The stock was 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 in the company, valued at $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 over the last ninety days. 24.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its stake in Primoris Services Corporation by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after purchasing an additional 320 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Primoris Services Corporation by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock worth $152,000 after purchasing an additional 910 shares in the last quarter. Northern Trust Corp lifted its stake in Primoris Services Corporation by 0.3% in the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after purchasing an additional 1,657 shares in the last quarter. Voya Investment Management LLC lifted its stake in Primoris Services Corporation by 10.6% in the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock worth $500,000 after purchasing an additional 1,927 shares in the last quarter. Finally, American International Group Inc. lifted its stake in Primoris Services Corporation by 8.1% in the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock worth $778,000 after purchasing an additional 1,978 shares in the last quarter. 69.26% of the stock is currently 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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