Primoris Services (NASDAQ:PRIM) Updates FY 2022 Earnings Guidance

Primoris Services (NASDAQ:PRIM – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided EPS guidance of $2.49-$2.69 for the period, compared to the consensus EPS estimate of $2.24. The company issued revenue guidance of -.Primoris Services also updated its FY22 guidance to $2.49-2.69 EPS.

PRIM has been the subject of a number of analyst reports. Morgan Stanley reduced their price target on Primoris Services from $35.00 to $33.00 and set an overweight rating for the company in a report on Wednesday, March 23rd. Zacks Investment Research downgraded shares of Primoris Services from a hold rating to a sell rating in a research report on Tuesday, April 5th. DA Davidson restated a buy rating on shares of Primoris Services in a research note on Wednesday, March 2nd. Finally, StockNews.com started coverage on shares of Primoris Services in a research note on Thursday, March 31st. They set a hold rating on the stock. Two equities research 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. Based on data from MarketBeat, Primoris Services currently has a consensus rating of Hold and a consensus target price of $30.75.

Shares of NASDAQ PRIM traded down $0.51 during trading on Tuesday, reaching $22.86. The stock had a trading volume of 14,555 shares, compared to its average volume of 445,967. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market cap of $1.22 billion, a PE ratio of 10.92 and a beta of 1.07. Primoris Services has a one year low of $21.47 and a one year high of $34.02. The firm’s 50 day moving average price is $25.27 and its two-hundred day moving average price is $25.34.

Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings data on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The business had revenue of $784.38 million during the quarter, compared to analyst estimates of $799.18 million. Primoris Services had a return on equity of 14.21% and a net margin of 3.31%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. On average, research analysts expect that Primoris Services will post 2.37 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Thursday, March 31st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.05%. The ex-dividend date was Wednesday, March 30th. Primoris Services’s dividend payout ratio is presently 11.22%.

In other Primoris Services 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of PRIM. Norges Bank bought a new stake in shares of Primoris Services in the 4th quarter worth $5,176,000. Barclays PLC grew its holdings in Primoris Services by 54.1% during the fourth quarter. Barclays PLC now owns 72,952 shares of the construction company’s stock worth $1,749,000 after acquiring an additional 25,596 shares during the period. Allianz Asset Management GmbH acquired a new stake in Primoris Services in the 4th quarter valued at about $1,906,000. California State Teachers Retirement System lifted its holdings in Primoris Services by 2.5% in the 4th quarter. California State Teachers Retirement System now owns 74,724 shares of the construction company’s stock valued at $1,792,000 after acquiring an additional 1,844 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Primoris Services by 1.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 38,104 shares of the construction company’s stock worth $914,000 after buying an additional 596 shares in the last quarter. 88.35% of the stock is owned by hedge funds and other institutional investors.

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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