Primoris Services Corporation (PRIM) Expected to Post Quarterly Sales of $556.75 Million

Wall Street brokerages expect Primoris Services Corporation (NASDAQ:PRIM) to post sales of $556.75 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Primoris Services’ earnings. The lowest sales estimate is $515.00 million and the highest is $598.50 million. Primoris Services posted sales of $601.86 million during the same quarter last year, which indicates a negative year-over-year growth rate of 7.5%. The firm is expected to issue its next earnings results on Tuesday, February 27th.

According to Zacks, analysts expect that Primoris Services will report full year sales of $556.75 million for the current financial year, with estimates ranging from $2.32 billion to $2.40 billion. For the next year, analysts expect that the business will report sales of $2.58 billion per share. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Primoris Services.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Monday, November 6th. The construction company reported $0.40 earnings per share 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 company had revenue of $608.31 million for the quarter, compared to analyst estimates of $588.19 million. During the same period in the prior year, the company posted $0.09 EPS. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis.

A number of analysts recently weighed in on PRIM shares. Zacks Investment Research lowered shares of Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Thursday, December 28th. BidaskClub lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Seaport Global Securities reissued a “buy” rating and issued a $32.00 price objective (up from $29.00) on shares of Primoris Services in a research report on Wednesday, October 11th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $31.67.

Shares of Primoris Services (PRIM) opened at $26.28 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.49 and a quick ratio of 1.41. Primoris Services has a 1 year low of $21.83 and a 1 year high of $30.00. The firm has a market cap of $1,350.00, a PE ratio of 21.19, a P/E/G ratio of 1.93 and a beta of 1.59.

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were given a $0.06 dividend. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.24 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Thursday, December 28th. Primoris Services’s dividend payout ratio is 19.35%.

In other news, Director John P. Schauerman sold 29,456 shares of the firm’s stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $28.76, for a total transaction of $847,154.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO David Lee King sold 9,077 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $27.43, for a total transaction of $248,982.11. Following the transaction, the chief executive officer now directly owns 6,242 shares in the company, valued at $171,218.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 92,513 shares of company stock worth $2,606,860. Corporate insiders own 24.00% of the company’s stock.

Several large investors have recently modified their holdings of the company. Bessemer Group Inc. purchased a new position in Primoris Services during the third quarter valued at approximately $615,000. Convergence Investment Partners LLC purchased a new position in Primoris Services during the third quarter valued at approximately $736,000. Prudential Financial Inc. purchased a new position in Primoris Services during the third quarter valued at approximately $1,578,000. Citadel Advisors LLC increased its holdings in Primoris Services by 87.5% during the third quarter. Citadel Advisors LLC now owns 134,526 shares of the construction company’s stock valued at $3,957,000 after buying an additional 62,767 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Primoris Services during the third quarter valued at approximately $1,063,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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About Primoris Services

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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