Primoris Services Corporation (NASDAQ:PRIM) Announces Earnings Results
Primoris Services Corporation (NASDAQ:PRIM) issued its earnings results on Tuesday. The construction company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.11, MarketWatch Earnings reports. Primoris Services Corporation had a return on equity of 8.15% and a net margin of 1.49%. The company had revenue of $631.20 million during the quarter, compared to the consensus estimate of $582.82 million. During the same period in the previous year, the firm posted $0.10 earnings per share. Primoris Services Corporation’s quarterly revenue was up 38.2% compared to the same quarter last year. Primoris Services Corporation updated its FY17 guidance to $1.05-1.25 EPS.
Primoris Services Corporation (NASDAQ PRIM) opened at 25.19 on Tuesday. Primoris Services Corporation has a 12 month low of $16.13 and a 12 month high of $29.19. The stock’s 50 day moving average price is $24.78 and its 200 day moving average price is $24.04. The firm has a market capitalization of $1.30 billion, a P/E ratio of 41.30 and a beta of 1.58.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $0.055 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.22 annualized dividend and a dividend yield of 0.88%. Primoris Services Corporation’s dividend payout ratio is presently 35.48%.
PRIM has been the subject of a number of research reports. Zacks Investment Research upgraded Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Saturday, July 15th. BidaskClub downgraded Primoris Services Corporation from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Primoris Services Corporation has an average rating of “Hold” and a consensus target price of $26.00.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Primoris Services Corporation during the fourth quarter valued at about $2,569,000. Teachers Advisors LLC raised its position in Primoris Services Corporation by 3.3% in the fourth quarter. Teachers Advisors LLC now owns 69,645 shares of the construction company’s stock valued at $1,587,000 after buying an additional 2,232 shares during the period. Essex Investment Management Co. LLC raised its position in Primoris Services Corporation by 25.4% in the first quarter. Essex Investment Management Co. LLC now owns 48,082 shares of the construction company’s stock valued at $1,116,000 after buying an additional 9,732 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in Primoris Services Corporation during the first quarter valued at about $16,127,000. Finally, Emerald Advisers Inc. PA acquired a new position in Primoris Services Corporation during the first quarter valued at about $20,358,000. 70.82% of the stock is owned by hedge funds and other institutional investors.
About Primoris Services Corporation
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.
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