Wall Street analysts forecast that Primoris Services Corporation (NASDAQ:PRIM) will announce sales of $590.40 million for the current quarter, according to Zacks. Two analysts have made estimates for Primoris Services Corporation’s earnings, with the highest sales estimate coming in at $608.30 million and the lowest estimate coming in at $572.50 million. Primoris Services Corporation reported sales of $507.83 million during the same quarter last year, which would suggest a positive year over year growth rate of 16.3%. The company is scheduled to announce its next earnings results on Tuesday, November 14th.

According to Zacks, analysts expect that Primoris Services Corporation will report full-year sales of $590.40 million for the current financial year, with estimates ranging from $2.31 billion to $2.41 billion. For the next year, analysts expect that the firm will report sales of $2.50 billion per share, with estimates ranging from $2.47 billion to $2.53 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Primoris Services Corporation.

Primoris Services Corporation (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 8th. The construction company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.11. The firm had revenue of $631.20 million for the quarter, compared to analysts’ expectations of $582.82 million. Primoris Services Corporation had a net margin of 2.09% and a return on equity of 11.30%. The company’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share.

A number of research analysts have recently issued reports on the company. BidaskClub upgraded Primoris Services Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 10th. Canaccord Genuity increased their target price on Primoris Services Corporation from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, August 9th. Zacks Investment Research lowered Primoris Services Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. KeyCorp reiterated a “hold” rating on shares of Primoris Services Corporation in a research report on Tuesday, September 19th. Finally, Seaport Global Securities reiterated a “buy” rating and set a $32.00 target price on shares of Primoris Services Corporation in a research report on Wednesday. Seven investment 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 a consensus price target of $28.00.

Shares of Primoris Services Corporation (PRIM) opened at 29.05 on Friday. The company has a market cap of $1.49 billion, a PE ratio of 31.61 and a beta of 1.55. The stock’s 50 day moving average is $28.62 and its 200 day moving average is $25.30. Primoris Services Corporation has a 52-week low of $18.71 and a 52-week high of $30.00.

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 14th. Investors of record on Friday, September 29th will be paid a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Thursday, September 28th. Primoris Services Corporation’s dividend payout ratio is currently 23.40%.

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In other Primoris Services Corporation news, Director Brian Pratt sold 105,734 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $28.20, for a total value of $2,981,698.80. Following the completion of the sale, the director now directly owns 9,646,585 shares of the company’s stock, valued at approximately $272,033,697. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $28.99, for a total value of $573,364.22. Following the completion of the sale, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,548,356 shares of company stock valued at $43,921,202. 24.00% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of PRIM. Public Employees Retirement System of Ohio increased its stake in shares of Primoris Services Corporation by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock worth $106,000 after acquiring an additional 320 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Primoris Services Corporation by 13.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,168 shares of the construction company’s stock worth $120,000 after acquiring an additional 595 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Primoris Services Corporation by 554.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock worth $139,000 after acquiring an additional 4,721 shares during the last quarter. Citigroup Inc. increased its stake in shares of Primoris Services Corporation by 356.6% in the 2nd quarter. Citigroup Inc. now owns 6,465 shares of the construction company’s stock worth $161,000 after acquiring an additional 5,049 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Primoris Services Corporation by 2,368.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,404 shares of the construction company’s stock worth $184,000 after acquiring an additional 7,104 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Primoris Services Corporation (NASDAQ:PRIM)

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