Analysts Offer Predictions for PRIM FY2024 Earnings

Primoris Services Co. (NASDAQ:PRIM) – Equities researchers at KeyCorp issued their FY2024 EPS estimates for Primoris Services in a research report issued on Tuesday, December 10th. KeyCorp analyst S. Jain expects that the construction company will post earnings of $3.48 per share for the year. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share.

PRIM has been the subject of several other reports. DA Davidson lifted their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group lifted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price for the company. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and an average price target of $86.00.

Primoris Services Price Performance

Shares of NASDAQ PRIM opened at $79.40 on Friday. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The business has a 50-day moving average of $73.06 and a 200-day moving average of $60.36.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the business posted $1.02 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new position in shares of Primoris Services in the second quarter worth about $28,089,000. Summit Partners Public Asset Management LLC lifted its holdings in Primoris Services by 80.6% in the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after buying an additional 374,926 shares during the period. Victory Capital Management Inc. boosted its position in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after purchasing an additional 327,412 shares in the last quarter. BNP Paribas Financial Markets increased its stake in shares of Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after purchasing an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP bought a new stake in shares of Primoris Services in the 2nd quarter worth approximately $9,584,000. Institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now directly owns 61,390 shares in the company, valued at $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares in the company, valued at approximately $1,965,782.52. The trade was a 7.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,018 shares of company stock valued at $3,336,224 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is presently 7.95%.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.