Primoris Services (NASDAQ:PRIM – Get a rating) is expected to release its quarterly results after the market closes on Monday, May 9. Analysts expect Primoris Services to post earnings of $0.10 per share for the quarter. Primoris Services set its FY2022 guidance at $2,390-$2,590 EPS and its FY22 guidance at $2.39-$2.59 EPS. Individuals wishing to participate in the company’s earnings conference call can do so using this link.
Primoris Services (NASDAQ:PRIM – Get a rating) last reported quarterly earnings data on Monday, February 28. The construction company reported earnings per share (EPS) of $0.63 for the quarter, beating consensus analyst estimates of $0.53 by $0.10. The company posted revenue of $884.45 million in the quarter, versus a consensus estimate of $899.46 million. Primoris Services achieved a return on equity of 14.21% and a net margin of 3.31%. The company’s revenue for the quarter was down 1.4% year over year. In the same quarter of the previous year, the company achieved EPS of $0.66. On average, analysts expect Primoris Services to post EPS of $2 for the current fiscal year and EPS of $3 for the next fiscal year.
PRIM stock opened at $23.18 on Monday. The company has a debt ratio of 0.60, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $1.24 billion, a price-earnings ratio of 10.83 and a beta of 1.13. Primoris Services has a fifty-two week minimum of $21.47 and a fifty-two week maximum of $34.02. The stock has a fifty-day moving average of $25.46 and a 200-day moving average of $25.48.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 14. Shareholders of record on Thursday, March 31 received a dividend of $0.06 per share. This represents a dividend of $0.24 on an annualized basis and a yield of 1.04%. The ex-dividend date was Wednesday, March 30. The payout ratio of Primoris Services is currently 11.22%.
A number of analysts have recently released reports on PRIM shares. DA Davidson reiterated a “buy” rating on Primoris Services shares in a Wednesday, March 2 research report. Morgan Stanley lowered its price target on Primoris Services from $35.00 to $33.00 and set an “overweight” rating on the stock in a Wednesday, March 23 research note. Zacks Investment Research upgraded Primoris’ services from a “hold” to a “sell” rating in a Tuesday, April 5 research note. To finish, StockNews.com launched coverage on Primoris services in a research note on Thursday, March 31. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.75.
In other news, Director David Lee King sold 20,000 shares of the company in a trade that took place on Tuesday, March 15. The stock was sold at an average price of $26.51, for a total transaction of $530,200.00. The transaction was disclosed in a legal filing with the SEC, which is available via the SEC website. 1.40% of the shares are currently held by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of PRIM. Morgan Stanley increased its stake in Primoris Services by 17.4% in the second quarter. Morgan Stanley now owns 215,043 shares of the construction company worth $6,328,000 after purchasing an additional 31,841 shares during the period. Royal Bank of Canada increased its stake in Primoris Services by 30.0% in the third quarter. Royal Bank of Canada now owns 8,288 shares of the construction company worth $203,000 after purchasing an additional 1,914 shares during the period. LPL Financial LLC increased its stake in Primoris Services by 39.3% in the third quarter. LPL Financial LLC now owns 34,310 shares of the construction company worth $840,000 after purchasing an additional 9,686 shares during the period. UBS Group AG increased its stake in Primoris Services by 45.5% in the third quarter. UBS Group AG now owns 4,029 shares in the construction company worth $99,000 after purchasing an additional 1,260 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in Primoris Services by 32.2% in the third quarter. BNP Paribas Arbitrage SA now owns 30,692 shares in the construction company worth $752,000 after purchasing an additional 7,479 shares during the period. 87.37% of the shares are currently held by hedge funds and other institutional investors.
Primoris Services Company Profile (Get a 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 communication systems.
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