Primoris Services Co. (NASDAQ:PRIM) Expected to Post Quarterly Sales of $797.48 Million

Equities analysts expect Primoris Services Co. (NASDAQ:PRIMGet Rating) to announce sales of $797.48 million for the current quarter, according to Zacks. Two analysts have made estimates for Primoris Services’ earnings, with the lowest sales estimate coming in at $784.00 million and the highest estimate coming in at $810.95 million. Primoris Services posted sales of $818.33 million in the same quarter last year, which suggests a negative year over year growth rate of 2.5%. The business is expected to announce its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Primoris Services will report full year sales of $3.72 billion for the current financial year. For the next financial year, analysts anticipate that the firm will report sales of $3.95 billion, with estimates ranging from $3.93 billion to $3.96 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Primoris Services.

Primoris Services (NASDAQ:PRIMGet Rating) last issued its quarterly earnings results on Monday, February 28th. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.10. The business had revenue of $884.45 million during the quarter, compared to analyst estimates of $899.46 million. Primoris Services had a net margin of 3.31% and a return on equity of 14.21%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share.

Several analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Primoris Services from $35.00 to $33.00 and set an “overweight” rating for the company in a research note on Wednesday, March 23rd. Zacks Investment Research lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Tuesday, April 5th. DA Davidson reiterated a “buy” rating on shares of Primoris Services in a research note on Wednesday, March 2nd. Finally, StockNews.com initiated coverage on shares of Primoris Services in a research report on Thursday, March 31st. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Primoris Services has an average rating of “Hold” and an average target price of $30.75.

Shares of NASDAQ:PRIM traded up $1.10 during midday trading on Friday, reaching $27.20. The company had a trading volume of 925,664 shares, compared to its average volume of 466,707. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.56 and a quick ratio of 1.56. The stock’s fifty day moving average price is $25.69 and its 200-day moving average price is $25.49. The stock has a market capitalization of $1.45 billion, a P/E ratio of 12.54 and a beta of 1.13. Primoris Services has a one year low of $21.47 and a one year high of $36.03.

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 30th. This represents a $0.24 annualized dividend and a dividend yield of 0.88%. Primoris Services’s dividend payout ratio is currently 11.22%.

In related news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $26.51, for a total value of $530,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. UBS Group AG lifted its holdings in Primoris Services by 45.5% in the 3rd quarter. UBS Group AG now owns 4,029 shares of the construction company’s stock valued at $99,000 after acquiring an additional 1,260 shares during the last quarter. Point72 Hong Kong Ltd lifted its holdings in Primoris Services by 55.8% in the 4th quarter. Point72 Hong Kong Ltd now owns 4,133 shares of the construction company’s stock valued at $99,000 after acquiring an additional 1,481 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Primoris Services by 32.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,045 shares of the construction company’s stock worth $193,000 after buying an additional 1,975 shares during the period. PNC Financial Services Group Inc. raised its holdings in Primoris Services by 9.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 8,284 shares of the construction company’s stock worth $203,000 after buying an additional 739 shares during the period. Finally, Royal Bank of Canada raised its holdings in Primoris Services by 30.0% during the 3rd quarter. Royal Bank of Canada now owns 8,288 shares of the construction company’s stock worth $203,000 after buying an additional 1,914 shares during the period. 87.37% of the stock is owned by institutional investors and hedge funds.

About Primoris Services (Get Rating)

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.

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