Primoris Services (PRIM) Expected to Announce Earnings on Monday

Primoris Services (NASDAQ:PRIM) is expected to release its results after the market closes on Monday, February 23rd. Analysts expect Primoris Services to post earnings of $0.95 per share and revenue of $1.8165 billion for the quarter.

Primoris Services Stock Up 1.8%

Shares of PRIM opened at $166.38 on Monday. Primoris Services has a 52 week low of $49.10 and a 52 week high of $174.43. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of 55.09 and a beta of 1.37. The stock’s 50-day moving average price is $140.02 and its 200-day moving average price is $130.00.

Insider Buying and Selling

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the transaction, the director directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the sale, the director directly owned 74,466 shares of the company’s stock, valued at $10,127,376. This represents a 9.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Osterweis Capital Management Inc. purchased a new stake in Primoris Services during the 2nd quarter worth approximately $34,000. Public Employees Retirement System of Ohio boosted its stake in shares of Primoris Services by 31.0% in the third quarter. Public Employees Retirement System of Ohio now owns 634 shares of the construction company’s stock worth $87,000 after acquiring an additional 150 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after purchasing an additional 194 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Primoris Services by 1,372.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 898 shares of the construction company’s stock valued at $112,000 after purchasing an additional 837 shares during the last quarter. Finally, Castleark Management LLC acquired a new position in Primoris Services in the 4th quarter valued at $139,000. 91.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PRIM shares. Cantor Fitzgerald initiated coverage on Primoris Services in a research report on Friday, January 23rd. They issued a “neutral” rating and a $160.00 price objective on the stock. Guggenheim upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Tuesday, January 13th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $143.00 price target (down from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. Finally, DA Davidson upped their price objective on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and an average price target of $144.93.

About Primoris Services

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.