Brokers Offer Predictions for Primoris Services Corp.’s FY2018 Earnings (PRIM)
Primoris Services Corp. (NASDAQ:PRIM) – Analysts at DA Davidson issued their FY2018 earnings per share estimates for Primoris Services Corp. in a research report issued on Tuesday. DA Davidson analyst J. Rogers forecasts that the brokerage will post earnings per share of $1.40 for the year. DA Davidson currently has a “Neutral” rating on the stock.
Primoris Services Corp. (NASDAQ:PRIM) last released its earnings results on Thursday, August 4th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by $0.12. The company had revenue of $456.81 million for the quarter, compared to analysts’ expectations of $516.76 million. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 EPS.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Primoris Services Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 10th. Canaccord Genuity reiterated a “hold” rating on shares of Primoris Services Corp. in a research note on Wednesday. Finally, Seaport Global Securities upgraded shares of Primoris Services Corp. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $24.00 in a research note on Thursday, August 25th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Primoris Services Corp. presently has an average rating of “Buy” and an average target price of $24.80.
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Primoris Services Corp. (NASDAQ:PRIM) traded up 0.41% during mid-day trading on Thursday, hitting $19.57. 159,295 shares of the stock were exchanged. The company has a market cap of $1.01 billion, a P/E ratio of 25.78 and a beta of 1.70. The company has a 50-day moving average price of $19.84 and a 200-day moving average price of $20.37. Primoris Services Corp. has a one year low of $16.13 and a one year high of $25.25.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.055 dividend. This represents a $0.22 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Wednesday, September 28th. Primoris Services Corp.’s dividend payout ratio (DPR) is presently 28.95%.
Several hedge funds have recently added to or reduced their stakes in PRIM. Macquarie Group Ltd. boosted its stake in Primoris Services Corp. by 3.3% in the second quarter. Macquarie Group Ltd. now owns 1,874,790 shares of the company’s stock valued at $35,490,000 after buying an additional 59,319 shares during the period. Royal Bank of Canada boosted its stake in Primoris Services Corp. by 918.4% in the second quarter. Royal Bank of Canada now owns 23,127 shares of the company’s stock valued at $437,000 after buying an additional 20,856 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Primoris Services Corp. by 3.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 198,362 shares of the company’s stock valued at $3,755,000 after buying an additional 5,692 shares during the period. AQR Capital Management LLC purchased a new stake in Primoris Services Corp. during the second quarter valued at approximately $243,000. Finally, Paloma Partners Management Co purchased a new stake in Primoris Services Corp. during the second quarter valued at approximately $200,000. Institutional investors own 74.49% of the company’s stock.
Primoris Services Corp. Company Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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