Analysts expect Primoris Services Corporation (NASDAQ:PRIM) to report $560.60 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Primoris Services Corporation’s earnings, with the highest sales estimate coming in at $598.50 million and the lowest estimate coming in at $515.00 million. Primoris Services Corporation posted sales of $601.86 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 6.9%. The company is expected to report its next quarterly earnings results on Tuesday, February 27th.
On average, 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 financial year, analysts anticipate that the company will report sales of $2.55 billion per share, with estimates ranging from $2.48 billion to $2.58 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Primoris Services Corporation.
Primoris Services Corporation (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.09. The firm had revenue of $608.31 million for the quarter, compared to the consensus estimate of $588.19 million. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 EPS.
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In other news, Director Brian Pratt sold 105,734 shares of Primoris Services Corporation stock in a transaction 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 completion of the sale, the director now owns 9,646,585 shares in the company, valued at approximately $272,033,697. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of Primoris Services Corporation 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 sale, the chief financial officer now 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. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 in the last 90 days. Corporate insiders own 24.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its stake in shares of 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 valued at $106,000 after acquiring an additional 320 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of 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 valued at $152,000 after acquiring an additional 910 shares in the last quarter. Northern Trust Corp increased its stake in shares of Primoris Services Corporation by 0.3% in the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock valued at $12,874,000 after acquiring an additional 1,657 shares in the last quarter. Voya Investment Management LLC increased its stake in shares of 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 valued at $500,000 after acquiring an additional 1,927 shares in the last quarter. Finally, American International Group Inc. increased its stake in shares of 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 valued at $778,000 after acquiring an additional 1,978 shares in the last quarter. Institutional investors own 66.48% of the company’s stock.
Shares of Primoris Services Corporation (PRIM) traded down $0.12 during midday trading on Tuesday, hitting $26.74. 67,778 shares of the stock were exchanged, compared to its average volume of 227,142. The firm has a market cap of $1,381.91, a P/E ratio of 22.96, a P/E/G ratio of 2.24 and a beta of 1.60. Primoris Services Corporation has a 1 year low of $21.83 and a 1 year high of $30.00. 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 company also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.90%. This is an increase from Primoris Services Corporation’s previous quarterly dividend of $0.06. Primoris Services Corporation’s payout ratio is 17.60%.
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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