Brokerages Expect Primoris Services Corp (PRIM) Will Post Quarterly Sales of $566.2 Million
Equities research analysts expect Primoris Services Corp (NASDAQ:PRIM) to report $566.2 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Primoris Services Corp’s earnings. The highest sales estimate is $583.1 million and the lowest is $547.5 million. Primoris Services Corp posted sales of $456.81 million in the same quarter last year, which suggests a positive year-over-year growth rate of 23.9%. The company is expected to report its next quarterly earnings results on Thursday, August 3rd.
On average, analysts expect that Primoris Services Corp will report full-year sales of $566.2 million for the current year, with estimates ranging from $2.13 billion to $2.24 billion. For the next financial year, analysts anticipate that the company will post sales of $2.36 billion per share, with estimates ranging from $2.27 billion to $2.4 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Primoris Services Corp.
Primoris Services Corp (NASDAQ:PRIM) last released its earnings results on Tuesday, May 9th. The construction company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Primoris Services Corp had a net margin of 1.31% and a return on equity of 6.87%. The company had revenue of $561.50 million for the quarter, compared to the consensus estimate of $517.50 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s revenue was up 30.5% compared to the same quarter last year.
Several equities analysts have issued reports on the company. DA Davidson reissued a “neutral” rating on shares of Primoris Services Corp in a research note on Monday, February 27th. Canaccord Genuity reissued a “buy” rating and issued a $28.00 price target on shares of Primoris Services Corp in a research note on Friday, February 24th. Finally, Stephens assumed coverage on Primoris Services Corp in a research note on Tuesday, February 7th. They issued an “equal weight” rating on the stock. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $24.80.
Institutional investors have recently modified their holdings of the company. A.R.T. Advisors LLC purchased a new position in shares of Primoris Services Corp during the fourth quarter worth $799,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Primoris Services Corp during the fourth quarter worth $286,000. Dimensional Fund Advisors LP raised its position in shares of Primoris Services Corp by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,025,635 shares of the construction company’s stock worth $46,144,000 after buying an additional 11,316 shares during the last quarter. State Street Corp raised its position in shares of Primoris Services Corp by 5.5% in the fourth quarter. State Street Corp now owns 691,569 shares of the construction company’s stock worth $15,756,000 after buying an additional 36,170 shares during the last quarter. Finally, Value Holdings Management CO. LLC purchased a new position in shares of Primoris Services Corp during the fourth quarter worth $10,758,000. 72.83% of the stock is currently owned by institutional investors.
Primoris Services Corp (NASDAQ:PRIM) opened at 23.66 on Friday. The firm’s 50-day moving average is $23.11 and its 200-day moving average is $23.36. The firm has a market capitalization of $1.22 billion, a P/E ratio of 38.79 and a beta of 1.65. Primoris Services Corp has a 52-week low of $16.13 and a 52-week high of $29.19.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be given a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend is Wednesday, June 28th. Primoris Services Corp’s payout ratio is 45.83%.
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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Primoris Services Corp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corp and related companies with MarketBeat.com's FREE daily email newsletter.