Primoris Services Corporation (PRIM) Posts Earnings Results, Beats Expectations By $0.11 EPS

Primoris Services Corporation (NASDAQ:PRIM) announced its earnings results on Tuesday, August 8th. The construction company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.11, MarketWatch Earnings reports. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The business had revenue of $631.20 million for the quarter, compared to the consensus estimate of $582.82 million. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The business’s revenue for the quarter was up 38.2% on a year-over-year basis. Primoris Services Corporation updated its FY17 guidance to $1.05-1.25 EPS.

Primoris Services Corporation (PRIM) traded down 0.49% on Friday, reaching $26.28. 127,750 shares of the company traded hands. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 28.60 and a beta of 1.58. The stock has a 50 day moving average of $25.22 and a 200-day moving average of $24.24. Primoris Services Corporation has a 1-year low of $17.46 and a 1-year high of $29.19.

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be paid a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio is presently 23.40%.

Several hedge funds have recently added to or reduced their stakes in PRIM. Vanguard Group Inc. raised its stake in Primoris Services Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock worth $74,612,000 after buying an additional 116,098 shares during the last quarter. Wellington Management Group LLP raised its stake in Primoris Services Corporation by 1.0% in the first quarter. Wellington Management Group LLP now owns 2,670,443 shares of the construction company’s stock worth $62,008,000 after buying an additional 25,630 shares during the last quarter. Van Berkom & Associates Inc. raised its stake in Primoris Services Corporation by 16.0% in the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after buying an additional 327,189 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Primoris Services Corporation by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,146,794 shares of the construction company’s stock worth $53,541,000 after buying an additional 25,864 shares during the last quarter. Finally, Macquarie Group Ltd. raised its stake in Primoris Services Corporation by 3.2% in the second quarter. Macquarie Group Ltd. now owns 1,912,109 shares of the construction company’s stock worth $47,688,000 after buying an additional 59,183 shares during the last quarter. Hedge funds and other institutional investors own 69.97% of the company’s stock.

PRIM has been the topic of several recent analyst reports. TheStreet raised shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Canaccord Genuity increased their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Saturday, July 15th. Finally, BidaskClub raised shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Primoris Services Corporation has a consensus rating of “Hold” and a consensus price target of $26.40.

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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.

Earnings History for Primoris Services Corporation (NASDAQ:PRIM)

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