Primoris Services (NASDAQ:PRIM – Get Rating) updated its earnings guidance for fiscal 2022 on Monday. The company provided earnings per share guidance of $2,390 to $2,590 for the period, compared to consensus estimate of Thomson Reuters earnings per share of $2,500. The company released a revenue forecast of -.
A number of research analysts have published reports on the company. Zacks Investment Research downgraded Primoris Services from a Hold rating to a Buy rating and set a price target of $28.00 for the company in a Tuesday, March 8 research note. DA Davidson rephrased a buy rating on Primoris Services shares in a Wednesday, March 2 research note. One research analyst rated the stock with a sell rating and four issued a buy rating for the company’s stock. Based on MarketBeat data, Primoris Services has an average buy rating and an average target price of $31.75.
PRIM stock opened at $26.22 on Monday. The company has a debt ratio of 0.60, a quick ratio of 1.56 and a current ratio of 1.56. The company has a market capitalization of $1.40 billion, a price-earnings ratio of 12.25 and a beta of 1.16. Primoris Services has a fifty-two week minimum of $21.47 and a fifty-two week maximum of $36.03. The stock has a fifty-day moving average of $26.00 and a 200-day moving average of $25.57.
Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly results on Monday, February 28. The construction company reported earnings per share of $0.63 for the quarter, beating the consensus estimate of $0.53 by $0.10. The company posted revenue of $884.45 million in the quarter, versus a consensus estimate of $899.46 million. Primoris Services achieved a return on equity of 14.21% and a net margin of 3.31%. The company’s quarterly revenue fell 1.4% from the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.66. Equity analysts expect Primoris Services to post EPS of 2.49 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 14. Shareholders of record on Thursday, March 31 will receive a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 30. This represents an annualized dividend of $0.24 and a dividend yield of 0.92%. The payout rate of Primoris Services is 11.22%.
In related news, manager David Lee King sold 20,000 shares in a trade dated Tuesday, March 15. The stock was sold at an average price of $26.51, for a total transaction of $530,200.00. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Company insiders own 1.50% of the company’s shares.
A number of institutional investors and hedge funds have recently shifted their PRIM holdings. UBS Group AG increased its equity stake in Primoris Services by 45.5% in the third quarter. UBS Group AG now owns 4,029 shares of the construction company valued at $99,000 after acquiring an additional 1,260 shares last quarter. Royal Bank of Canada increased its holdings of Primoris Services shares by 30.0% in the third quarter. Royal Bank of Canada now owns 8,288 shares of the construction company valued at $203,000 after acquiring 1,914 more shares last quarter. Sei Investments Co. increased its holdings of Primoris Services shares by 28.0% in the fourth quarter. Sei Investments Co. now owns 26,764 shares of the construction company valued at $644,000 after acquiring an additional 5,860 shares last quarter. BNP Paribas Arbitrage SA increased its stake in Primoris Services shares by 32.2% in the third quarter. BNP Paribas Arbitrage SA now owns 30,692 shares in the construction company valued at $752,000 after acquiring an additional 7,479 shares last quarter. Finally, LPL Financial LLC increased its stake in Primoris Services shares by 39.3% in the 3rd quarter. LPL Financial LLC now owns 34,310 shares of the construction company valued at $840,000 after acquiring 9,686 additional shares last quarter. 87.37% of the shares are currently held by institutional investors and hedge funds.
Primoris Services Company Profile (Get a rating)
Primoris Services Corp. operates as a holding company, providing construction, manufacturing, maintenance, replacement and engineering services. It operates through the following segments: Utilities, Power & Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and the installation and maintenance of new and existing natural gas and electricity distribution and transmission systems.
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