Zacks: Analysts Expect Primoris Services Corp (PRIM) Will Post Quarterly Sales of $556.75 Million

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.

In other news, Director Stephen C. Cook sold 3,980 shares of the company’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the sale, the director now owns 10,502 shares of the company’s stock, valued at $292,165.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Schauerman sold 50,000 shares of the company’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $28.00, for a total transaction of $1,400,000.00. The disclosure for this sale can be found here. Insiders have sold 63,057 shares of company stock valued at $1,759,706 in the last ninety days. Insiders own 24.00% of the company’s stock.

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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