Zacks: Brokerages Anticipate Primoris Services Corporation (PRIM) Will Announce Quarterly Sales of $585.93 Million

Wall Street analysts expect Primoris Services Corporation (NASDAQ:PRIM) to announce sales of $585.93 million for the current quarter, Zacks reports. Three analysts have provided estimates for Primoris Services Corporation’s earnings. The highest sales estimate is $608.30 million and the lowest is $572.50 million. Primoris Services Corporation posted sales of $507.83 million during the same quarter last year, which suggests a positive year-over-year growth rate of 15.4%. The firm is expected to report its next earnings report before the market opens on Tuesday, November 7th.

On average, analysts expect that Primoris Services Corporation will report full-year sales of $585.93 million for the current fiscal year, with estimates ranging from $2.31 billion to $2.41 billion. For the next fiscal year, analysts anticipate that the business will post sales of $2.49 billion per share, with estimates ranging from $2.46 billion to $2.53 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Primoris Services Corporation.

Primoris Services Corporation (NASDAQ:PRIM) last announced its quarterly earnings data 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. 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 analyst estimates of $582.82 million. During the same period in the prior year, the business posted $0.10 earnings per share. Primoris Services Corporation’s revenue was up 38.2% compared to the same quarter last year.

Several equities research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Primoris Services Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Seaport Global Securities reiterated a “buy” rating and set a $32.00 target price (up from $29.00) on shares of Primoris Services Corporation in a research report on Wednesday, October 11th. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research report on Friday, August 11th. Finally, BidaskClub upgraded shares of Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $29.00.

In related news, Director Brian Pratt sold 105,734 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $28.20, for a total transaction of $2,981,698.80. Following the transaction, the director now owns 9,646,585 shares in the company, valued at approximately $272,033,697. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the business’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the transaction, the chief financial officer now owns 43,346 shares in the company, valued at approximately $1,256,600.54. The disclosure for this sale can be found here. Insiders sold a total of 1,548,356 shares of company stock worth $43,921,202 in the last 90 days. Corporate insiders own 24.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. CIBC World Markets Inc. lifted its position in shares of Primoris Services Corporation by 1.9% during the 2nd quarter. CIBC World Markets Inc. now owns 318,876 shares of the construction company’s stock valued at $7,953,000 after acquiring an additional 6,000 shares during the period. Chicago Equity Partners LLC acquired a new position in shares of Primoris Services Corporation during the 2nd quarter valued at $575,000. Van Berkom & Associates Inc. lifted its position in shares of Primoris Services Corporation by 16.0% during the 2nd quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock valued at $59,125,000 after acquiring an additional 327,189 shares during the period. Teachers Advisors LLC lifted its position in shares of Primoris Services Corporation by 3.0% during the 1st quarter. Teachers Advisors LLC now owns 71,710 shares of the construction company’s stock valued at $1,665,000 after acquiring an additional 2,065 shares during the period. Finally, Susquehanna International Group LLP lifted its position in shares of Primoris Services Corporation by 193.8% during the 2nd quarter. Susquehanna International Group LLP now owns 115,719 shares of the construction company’s stock valued at $2,886,000 after acquiring an additional 76,335 shares during the period. Institutional investors own 69.70% of the company’s stock.

Shares of Primoris Services Corporation (PRIM) traded down 3.11% during trading on Wednesday, reaching $27.39. 89,113 shares of the company traded hands. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 29.80 and a beta of 1.55. The company has a 50 day moving average price of $28.65 and a 200 day moving average price of $25.78. Primoris Services Corporation has a 12-month low of $18.71 and a 12-month high of $30.00.

The company also recently declared a quarterly dividend, which was paid on Saturday, October 14th. Stockholders of record on Friday, September 29th were given a $0.055 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.78%. Primoris Services Corporation’s dividend payout ratio (DPR) is currently 23.40%.

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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.

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