FY2022 EPS Estimates for Primoris Services Co. (NASDAQ:PRIM) Increased by Analyst

Primoris Services Co. (NASDAQ:PRIM – Get Rating) – Investment analysts at KeyCorp boosted their FY2022 earnings per share estimates for Primoris Services in a research note issued on Tuesday, May 10th. KeyCorp analyst S. Eastman now anticipates that the construction company will earn $2.59 per share for the year, up from their previous estimate of $2.49. KeyCorp also issued estimates for Primoris Services’ FY2023 earnings at $2.98 EPS.

Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings results on Monday, May 9th. The construction company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.09). The company had revenue of $784.38 million during the quarter, compared to the consensus estimate of $799.18 million. Primoris Services had a net margin of 3.12% and a return on equity of 12.39%. The firm’s revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share.

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

Primoris Services stock opened at $22.69 on Friday. The stock has a market cap of $1.21 billion, a P/E ratio of 11.40 and a beta of 1.07. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.60. Primoris Services has a twelve month low of $21.47 and a twelve month high of $34.02. The company’s 50-day moving average price is $25.16 and its two-hundred day moving average price is $25.29.

Institutional investors have recently modified their holdings of the business. Morgan Stanley raised its stake in shares of Primoris Services by 17.4% during the second quarter. Morgan Stanley now owns 215,043 shares of the construction company’s stock valued at $6,328,000 after acquiring an additional 31,841 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Primoris Services by 9.8% during the third quarter. PNC Financial Services Group Inc. now owns 8,284 shares of the construction company’s stock valued at $203,000 after acquiring an additional 739 shares during the last quarter. Swiss National Bank raised its stake in shares of Primoris Services by 9.6% during the third quarter. Swiss National Bank now owns 118,700 shares of the construction company’s stock valued at $2,907,000 after acquiring an additional 10,400 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Primoris Services by 39.0% during the third quarter. Jennison Associates LLC now owns 88,716 shares of the construction company’s stock valued at $2,173,000 after acquiring an additional 24,894 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Primoris Services by 1.0% during the third quarter. BlackRock Inc. now owns 4,910,919 shares of the construction company’s stock valued at $120,269,000 after acquiring an additional 48,557 shares during the last quarter. Hedge funds and other institutional investors own 88.35% of the company’s stock.

In other Primoris Services news, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $26.51, for a total value of $530,200.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.40% of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $0.24 dividend on an annualized basis and a yield of 1.06%. Primoris Services’s dividend payout ratio is currently 12.06%.

Primoris Services Company Profile (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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