Primoris Services (PRIM) Projected to Post Quarterly Earnings on Monday

Primoris Services (NASDAQ:PRIM) is expected to be issuing its quarterly earnings data after the market closes on Monday, May 5th. Analysts expect the company to announce earnings of $0.70 per share and revenue of $1.49 billion for the quarter.

Primoris Services Price Performance

Shares of PRIM stock opened at $66.17 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The firm has a market cap of $3.57 billion, a P/E ratio of 21.91 and a beta of 1.33. The business’s 50 day moving average price is $61.14 and its 200-day moving average price is $71.27. Primoris Services has a fifty-two week low of $45.92 and a fifty-two week high of $90.86.

Primoris Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Activity at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares of the company’s stock, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jeremy Kinch sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRIM shares. Guggenheim reissued a “buy” rating and set a $110.00 price objective on shares of Primoris Services in a research report on Thursday, April 10th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Piper Sandler started coverage on Primoris Services in a research report on Tuesday, April 8th. They set an “overweight” rating and a $75.00 price objective for the company. DA Davidson reissued a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Finally, KeyCorp reduced their price objective on shares of Primoris Services from $90.00 to $67.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and an average price target of $84.75.

Primoris Services Company Profile

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.