Analysts Anticipate Primoris Services Corp (PRIM) Will Post Quarterly Sales of $830.80 Million
Equities research analysts expect Primoris Services Corp (NASDAQ:PRIM) to announce $830.80 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Primoris Services’ earnings, with the highest sales estimate coming in at $831.60 million and the lowest estimate coming in at $830.00 million. Primoris Services posted sales of $579.02 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 43.5%. The company is scheduled to report its next earnings report on Monday, February 25th.
According to Zacks, analysts expect that Primoris Services will report full year sales of $2.89 billion for the current financial year. For the next fiscal year, analysts expect that the company will report sales of $3.27 billion, with estimates ranging from $3.25 billion to $3.28 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Primoris Services.
Primoris Services (NASDAQ:PRIM) last announced its earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. The business had revenue of $908.90 million for the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a net margin of 2.56% and a return on equity of 10.84%. The company’s revenue for the quarter was up 49.4% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share.
In related news, Director Brian Pratt sold 725,003 shares of the stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.14, for a total transaction of $18,226,575.42. Following the completion of the sale, the director now directly owns 6,946,451 shares of the company’s stock, valued at $174,633,778.14. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen C. Cook sold 1,964 shares of the stock in a transaction on Friday, September 7th. The stock was sold at an average price of $25.00, for a total value of $49,100.00. Following the sale, the director now directly owns 11,897 shares of the company’s stock, valued at $297,425. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 734,833 shares of company stock valued at $18,475,786. Corporate insiders own 19.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC acquired a new stake in Primoris Services in the second quarter valued at $202,000. Xact Kapitalforvaltning AB acquired a new stake in Primoris Services in the first quarter valued at $253,000. Global X Management Co LLC lifted its holdings in Primoris Services by 19.1% in the second quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock valued at $359,000 after acquiring an additional 2,114 shares during the period. LaSalle Street Capital Management LLC acquired a new stake in Primoris Services in the third quarter valued at $384,000. Finally, Victory Capital Management Inc. lifted its holdings in Primoris Services by 15.9% in the second quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock valued at $405,000 after acquiring an additional 2,038 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.
Shares of PRIM traded down $0.12 during mid-day trading on Wednesday, reaching $24.06. 185,257 shares of the company’s stock were exchanged, compared to its average volume of 183,535. The company has a current ratio of 1.43, a quick ratio of 1.55 and a debt-to-equity ratio of 0.52. The firm has a market cap of $1.24 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24. Primoris Services has a 52-week low of $20.79 and a 52-week high of $28.96.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Monday, December 31st will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Friday, December 28th. Primoris Services’s dividend payout ratio is presently 20.87%.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
See Also: How Do Tariffs Affect Trade Balances?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Primoris Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services and related companies with MarketBeat.com's FREE daily email newsletter.