FY2024 Earnings Estimate for PRIM Issued By KeyCorp

Primoris Services Co. (NASDAQ:PRIM) – Research analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for Primoris Services in a research report issued to clients and investors on Tuesday, December 10th. KeyCorp analyst S. Jain anticipates that the construction company will earn $3.48 per share for the year. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share.

Several other brokerages have also recently weighed in on PRIM. DA Davidson boosted their target price on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group upped their target price on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group upped their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services currently has an average rating of “Buy” and a consensus target price of $86.00.

Primoris Services Stock Performance

PRIM opened at $79.68 on Friday. The firm has a market capitalization of $4.28 billion, a PE ratio of 22.55 and a beta of 1.12. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a twelve month low of $30.94 and a twelve month high of $84.97. The firm’s 50-day moving average price is $72.67 and its 200 day moving average price is $60.15.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm posted $1.02 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis.

Institutional Trading of Primoris Services

A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in shares of Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock worth $70,810,000 after acquiring an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC raised its holdings in shares of Primoris Services by 80.6% in the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after purchasing an additional 374,926 shares during the period. Yaupon Capital Management LP lifted its position in Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Primoris Services by 17.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Primoris Services during the second quarter worth $28,089,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This trade represents a 15.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,018 shares of company stock valued at $3,336,224 over the last three months. 1.40% of the stock is currently owned by insiders.

Primoris Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services’s dividend payout ratio (DPR) is presently 7.95%.

About Primoris Services

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.