Brokerages predict that Primoris Services Corp (NASDAQ:PRIM) will report 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 reported sales of $601.86 million in the same quarter last year, which indicates a negative year-over-year growth rate of 7.5%. The business is scheduled to announce its next earnings report 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 fiscal year, analysts forecast that the firm will report sales of $2.58 billion per share. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Primoris Services.
A number of research firms have recently issued reports on PRIM. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, February 1st. BidaskClub lowered shares of Primoris Services from a “sell” rating to a “strong sell” rating in a report on Saturday, January 20th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 target price on shares of Primoris Services in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $31.67.
Institutional investors and hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System grew its holdings in shares of Primoris Services by 43.5% in the third quarter. California Public Employees Retirement System now owns 21,089 shares of the construction company’s stock valued at $620,000 after purchasing an additional 6,389 shares during the period. Bessemer Group Inc. purchased a new stake in shares of Primoris Services in the third quarter valued at about $615,000. Convergence Investment Partners LLC purchased a new stake in shares of Primoris Services in the third quarter valued at about $736,000. Prudential Financial Inc. purchased a new stake in shares of Primoris Services in the third quarter valued at about $1,578,000. Finally, Citadel Advisors LLC grew its holdings in shares of Primoris Services by 87.5% in the third quarter. Citadel Advisors LLC now owns 134,526 shares of the construction company’s stock valued at $3,957,000 after purchasing an additional 62,767 shares during the period. 69.79% of the stock is owned by hedge funds and other institutional investors.
Shares of Primoris Services (NASDAQ:PRIM) opened at $24.28 on Thursday. Primoris Services has a 1-year low of $21.83 and a 1-year high of $30.00. The stock has a market cap of $1,240.00, a price-to-earnings ratio of 19.58, a PEG ratio of 1.77 and a beta of 1.29. The company has a current ratio of 1.49, a quick ratio of 1.41 and a debt-to-equity ratio of 0.36.
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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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