Primoris Services Corporation (PRIM) Expected to Announce Quarterly Sales of $560.60 Million
Equities analysts predict that Primoris Services Corporation (NASDAQ:PRIM) will report sales of $560.60 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Primoris Services’ earnings. The lowest sales estimate is $515.00 million and the highest is $598.50 million. Primoris Services reported sales of $601.86 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 6.9%. The company is scheduled to report its next earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Primoris Services will report full year sales of $560.60 million for the current fiscal year, with estimates ranging from $2.32 billion to $2.40 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.55 billion per share, with estimates ranging from $2.48 billion to $2.58 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Primoris Services.
Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.09. Primoris Services had a net margin of 2.68% and a return on equity of 11.70%. The business had revenue of $608.31 million during the quarter, compared to the consensus estimate of $588.19 million. During the same period in the prior year, the firm posted $0.09 EPS. The firm’s quarterly revenue was up 19.8% compared to the same quarter last year.
Shares of Primoris Services (PRIM) opened at $28.17 on Friday. Primoris Services has a 52-week low of $21.83 and a 52-week high of $30.00. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41. The stock has a market cap of $1,434.91, a PE ratio of 23.84, a price-to-earnings-growth ratio of 2.32 and a beta of 1.59.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be paid a dividend of $0.06 per share. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Thursday, December 28th. Primoris Services’s dividend payout ratio is presently 17.60%.
In other Primoris Services news, CFO Peter J. Moerbeek sold 19,778 shares of the stock in a transaction that occurred on Monday, September 25th. The shares were sold at an average price of $28.99, for a total value of $573,364.22. Following the sale, the chief financial officer now directly owns 43,346 shares in the company, valued at approximately $1,256,600.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian Pratt sold 181,982 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $28.35, for a total transaction of $5,159,189.70. Following the completion of the sale, the director now owns 9,332,324 shares in the company, valued at $264,571,385.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,025,590 shares of company stock worth $29,237,653 over the last 90 days. 24.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of PRIM. Public Employees Retirement System of Ohio raised its position in shares of Primoris Services by 8.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares in the last quarter. First Quadrant L P CA raised its position in shares of Primoris Services by 109.4% during the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after buying an additional 2,276 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Primoris Services during the 3rd quarter valued at $138,000. BNP Paribas Arbitrage SA raised its position in shares of Primoris Services by 554.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,573 shares of the construction company’s stock valued at $139,000 after buying an additional 4,721 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Primoris Services by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 6,078 shares of the construction company’s stock valued at $152,000 after buying an additional 910 shares in the last quarter. Hedge funds and other institutional investors own 70.46% of the company’s stock.
Primoris Services 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.
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