Primoris Services Corp. (PRIM) Expected to Earn FY2016 Earnings of $0.38 Per Share
Primoris Services Corp. (NASDAQ:PRIM) – Equities research analysts at DA Davidson dropped their FY2016 earnings estimates for Primoris Services Corp. in a research report issued on Tuesday. DA Davidson analyst J. Rogers now forecasts that the brokerage will post earnings of $0.38 per share for the year, down from their prior estimate of $0.80. DA Davidson currently has a “Neutral” rating on the stock.
Primoris Services Corp. (NASDAQ:PRIM) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by $0.12. The firm had revenue of $456.81 million for the quarter, compared to the consensus estimate of $516.76 million. Primoris Services Corp. had a return on equity of 8.14% and a net margin of 2.03%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 earnings per share.
A number of other brokerages have also recently commented on PRIM. Zacks Investment Research raised Primoris Services Corp. from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 6th. Seaport Global Securities raised Primoris Services Corp. from a “neutral” rating to a “buy” rating and upped their price target for the company from $20.00 to $24.00 in a research report on Thursday, August 25th. Finally, Canaccord Genuity reissued a “hold” rating on shares of Primoris Services Corp. in a report on Wednesday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $24.80.
Shares of Primoris Services Corp. (NASDAQ:PRIM) opened at 19.49 on Friday. Primoris Services Corp. has a 12-month low of $16.13 and a 12-month high of $25.25. The stock’s 50 day moving average price is $19.86 and its 200 day moving average price is $20.33. The company has a market capitalization of $1.01 billion, a PE ratio of 25.68 and a beta of 1.70.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were issued a $0.055 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $0.22 annualized dividend and a dividend yield of 1.13%. Primoris Services Corp.’s payout ratio is currently 28.95%.
Several hedge funds have recently added to or reduced their stakes in PRIM. BlackRock Inc. boosted its stake in Primoris Services Corp. by 18.8% in the first quarter. BlackRock Inc. now owns 10,546 shares of the company’s stock valued at $256,000 after buying an additional 1,670 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Primoris Services Corp. by 4.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 979,153 shares of the company’s stock valued at $23,793,000 after buying an additional 42,811 shares during the last quarter. Value Holdings LP boosted its stake in Primoris Services Corp. by 0.6% in the first quarter. Value Holdings LP now owns 332,350 shares of the company’s stock valued at $8,076,000 after buying an additional 2,000 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Primoris Services Corp. by 255.0% in the first quarter. Goldman Sachs Group Inc. now owns 51,106 shares of the company’s stock valued at $1,242,000 after buying an additional 36,711 shares during the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in Primoris Services Corp. during the first quarter valued at $19,955,000. 74.49% of the stock is currently owned by hedge funds and other institutional investors.
About Primoris Services Corp.
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
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