Seaport Global Securities Comments on Primoris Services Corp.’s Q4 2016 Earnings (PRIM)
Primoris Services Corp. (NASDAQ:PRIM) – Equities researchers at Seaport Global Securities reduced their Q4 2016 earnings per share estimates for shares of Primoris Services Corp. in a note issued to investors on Wednesday. Seaport Global Securities analyst R. Cassil now anticipates that the brokerage will earn $0.33 per share for the quarter, down from their prior forecast of $0.35. Seaport Global Securities currently has a “Buy” rating and a $24.00 price target on the stock. Seaport Global Securities also issued estimates for Primoris Services Corp.’s Q1 2017 earnings at $0.19 EPS, Q2 2017 earnings at $0.29 EPS, Q3 2017 earnings at $0.32 EPS, Q4 2017 earnings at $0.35 EPS and FY2017 earnings at $1.14 EPS.
A number of other research analysts also recently issued reports on PRIM. Zacks Investment Research upgraded Primoris Services Corp. from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research note on Wednesday, October 12th. Wunderlich boosted their price objective on Primoris Services Corp. from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Wednesday. Canaccord Genuity reiterated a “hold” rating on shares of Primoris Services Corp. in a research note on Wednesday, October 12th. Finally, DA Davidson downgraded Primoris Services Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $24.60.
Primoris Services Corp. (NASDAQ:PRIM) opened at 23.13 on Thursday. The stock has a market capitalization of $1.20 billion, a P/E ratio of 30.47 and a beta of 1.57. Primoris Services Corp. has a 1-year low of $16.13 and a 1-year high of $25.25. The firm’s 50 day moving average is $20.18 and its 200 day moving average is $19.87.
Primoris Services Corp. (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, November 8th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.25 by $0.16. The business had revenue of $507.80 million for the quarter, compared to analysts’ expectations of $536.07 million. Primoris Services Corp. had a return on equity of 6.87% and a net margin of 1.31%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.37 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 16th. Shareholders of record on Saturday, December 31st will be paid a $0.055 dividend. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $0.22 annualized dividend and a yield of 0.95%. Primoris Services Corp.’s payout ratio is 45.83%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas increased its position in Primoris Services Corp. by 20.9% in the second quarter. Teacher Retirement System of Texas now owns 5,770 shares of the company’s stock valued at $109,000 after buying an additional 997 shares during the last quarter. First Mercantile Trust Co. increased its position in Primoris Services Corp. by 24.9% in the second quarter. First Mercantile Trust Co. now owns 6,055 shares of the company’s stock valued at $115,000 after buying an additional 1,209 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Primoris Services Corp. during the second quarter valued at $198,000. Paloma Partners Management Co acquired a new position in Primoris Services Corp. during the second quarter valued at $200,000. Finally, BlackRock Inc. increased its position 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. Institutional investors and hedge funds own 74.44% of the company’s stock.
Primoris Services Corp. 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. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment.
Receive News & Stock Ratings for Primoris Services Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primoris Services Corp. and related stocks with our FREE daily email newsletter.