Primoris Services Corporation (NASDAQ:PRIM) Announces Earnings Results, Beats Expectations By $0.11 EPS
Primoris Services Corporation (NASDAQ:PRIM) announced its earnings results on Tuesday. The construction company reported $0.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11, MarketWatch Earnings reports. Primoris Services Corporation had a return on equity of 8.15% and a net margin of 1.49%. The business had revenue of $631.20 million for the quarter, compared to analyst estimates of $582.82 million. During the same quarter last year, the firm earned $0.10 EPS. Primoris Services Corporation’s revenue for the quarter was up 38.2% compared to the same quarter last year. Primoris Services Corporation updated its FY17 guidance to $1.05-1.25 EPS.
Primoris Services Corporation (NASDAQ PRIM) traded up 4.755% on Tuesday, reaching $26.105. The company’s stock had a trading volume of 253,690 shares. The firm’s 50-day moving average price is $24.78 and its 200 day moving average price is $24.04. Primoris Services Corporation has a 52-week low of $16.13 and a 52-week high of $29.19. The company has a market cap of $1.34 billion, a P/E ratio of 42.795 and a beta of 1.58.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a $0.055 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.22 dividend on an annualized basis and a yield of 0.88%. Primoris Services Corporation’s dividend payout ratio is 35.48%.
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A number of large investors have recently bought and sold shares of the stock. Alambic Investment Management L.P. acquired a new stake in Primoris Services Corporation during the first quarter valued at about $348,000. Daiwa Securities Group Inc. acquired a new stake in Primoris Services Corporation during the first quarter valued at about $1,700,000. Macquarie Group Ltd. raised its stake in Primoris Services Corporation by 1.8% in the first quarter. Macquarie Group Ltd. now owns 1,852,926 shares of the construction company’s stock valued at $43,025,000 after buying an additional 31,947 shares in the last quarter. Anchor Capital Advisors LLC raised its stake in Primoris Services Corporation by 40.4% in the first quarter. Anchor Capital Advisors LLC now owns 61,830 shares of the construction company’s stock valued at $1,436,000 after buying an additional 17,783 shares in the last quarter. Finally, 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 valued at $59,125,000 after buying an additional 327,189 shares in the last quarter. 70.82% of the stock is owned by institutional investors.
A number of equities research analysts recently issued reports on the company. BidaskClub raised Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, June 29th. Zacks Investment Research raised Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Saturday, July 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $26.00.
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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