Research Analysts Set Expectations for PRIM Q4 Earnings

Primoris Services Co. (NASDAQ:PRIM) – Research analysts at KeyCorp issued their Q4 2024 earnings per share (EPS) estimates for shares of Primoris Services in a research note issued to investors on Tuesday, December 10th. KeyCorp analyst S. Jain expects that the construction company will post earnings per share of $0.74 for the quarter. KeyCorp has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share. KeyCorp also issued estimates for Primoris Services’ FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

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

Primoris Services Trading Down 0.4 %

PRIM opened at $79.40 on Thursday. Primoris Services has a 1-year low of $30.94 and a 1-year high of $84.97. The firm has a 50-day moving average price of $73.06 and a two-hundred day moving average price of $60.32. The stock has a market capitalization of $4.26 billion, a PE ratio of 26.29 and a beta of 1.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services (NASDAQ:PRIM) last announced its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company posted $1.02 earnings per share.

Hedge Funds Weigh In On Primoris Services

Large investors have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its stake in Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the period. Blue Trust Inc. raised its position in Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares in the last quarter. CWM LLC lifted its position in shares of Primoris Services by 25.1% during the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares during the last quarter. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the third quarter worth about $59,000. Finally, TD Private Client Wealth LLC lifted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This represents a 7.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the sale, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their ownership of the stock. 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 owned by insiders.

Primoris Services Increases Dividend

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

Primoris Services Company Profile

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.