Primoris Services Corp (NASDAQ:PRIM) to Post FY2019 Earnings of $1.69 Per Share, DA Davidson Forecasts

Primoris Services Corp (NASDAQ:PRIM) – Equities researchers at DA Davidson increased their FY2019 earnings per share estimates for shares of Primoris Services in a research note issued to investors on Wednesday, August 7th. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings per share of $1.69 for the year, up from their prior estimate of $1.64.

Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, July 13th. Zacks Investment Research downgraded shares of Primoris Services from a “hold” rating to a “sell” rating in a research note on Tuesday, July 30th.

NASDAQ PRIM opened at $19.79 on Friday. The company’s 50-day simple moving average is $20.29. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.67. Primoris Services has a 12-month low of $17.82 and a 12-month high of $26.15. The stock has a market capitalization of $992.16 million, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.17 and a beta of 1.50.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. Primoris Services had a net margin of 2.62% and a return on equity of 14.06%. The business had revenue of $789.90 million during the quarter, compared to analyst estimates of $749.23 million. During the same period in the prior year, the business posted $0.31 earnings per share. The company’s revenue was up 21.7% on a year-over-year basis.

In other news, Director Brian Pratt sold 175,118 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $20.09, for a total transaction of $3,518,120.62. Following the completion of the transaction, the director now directly owns 1,887,896 shares of the company’s stock, valued at $37,927,830.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 574,928 shares of company stock valued at $11,270,214. Insiders own 13.80% of the company’s stock.

Several large investors have recently modified their holdings of the company. Norges Bank bought a new position in Primoris Services in the fourth quarter worth about $15,066,000. Rice Hall James & Associates LLC increased its stake in shares of Primoris Services by 58.1% during the first quarter. Rice Hall James & Associates LLC now owns 644,016 shares of the construction company’s stock valued at $13,318,000 after purchasing an additional 236,765 shares in the last quarter. Hillcrest Asset Management LLC increased its stake in shares of Primoris Services by 36.0% during the first quarter. Hillcrest Asset Management LLC now owns 507,798 shares of the construction company’s stock valued at $10,501,000 after purchasing an additional 134,492 shares in the last quarter. Millennium Management LLC increased its stake in shares of Primoris Services by 168.0% during the fourth quarter. Millennium Management LLC now owns 169,580 shares of the construction company’s stock valued at $3,244,000 after purchasing an additional 106,293 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in shares of Primoris Services during the second quarter valued at approximately $1,811,000. 76.84% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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