FY2017 EPS Estimates for Primoris Services Corporation (PRIM) Lowered by Analyst
Primoris Services Corporation (NASDAQ:PRIM) – Stock analysts at DA Davidson lowered their FY2017 earnings estimates for shares of Primoris Services Corporation in a report issued on Wednesday. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings of $1.08 per share for the year, down from their previous forecast of $1.10. DA Davidson also issued estimates for Primoris Services Corporation’s Q4 2017 earnings at $0.18 EPS, Q1 2018 earnings at $0.06 EPS, Q4 2018 earnings at $0.40 EPS, FY2018 earnings at $1.35 EPS and FY2019 earnings at $1.55 EPS.
Other analysts have also recently issued research reports about the stock. TheStreet upgraded shares of Primoris Services Corporation from a “c+” rating to a “b-” rating in a research note on Friday, August 11th. Zacks Investment Research upgraded shares of Primoris Services Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Saturday, July 15th. Canaccord Genuity raised their target price on shares of Primoris Services Corporation from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Seaport Global Securities restated a “buy” rating and set a $32.00 target price (up previously from $29.00) on shares of Primoris Services Corporation in a research note on Wednesday, October 11th. Finally, KeyCorp restated a “hold” rating on shares of Primoris Services Corporation in a research note on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $30.00.
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Shares of Primoris Services Corporation (NASDAQ:PRIM) opened at $26.09 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.36 and a current ratio of 1.49. The stock has a market cap of $1,392.72, a PE ratio of 23.14, a PEG ratio of 2.26 and a beta of 1.60. Primoris Services Corporation has a 12 month low of $21.83 and a 12 month high of $30.00.
Primoris Services Corporation (NASDAQ:PRIM) last posted its earnings results on Monday, November 6th. The construction company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.09. The company had revenue of $608.31 million during the quarter, compared to analysts’ expectations of $588.19 million. Primoris Services Corporation had a net margin of 2.68% and a return on equity of 11.70%. Primoris Services Corporation’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.09 EPS.
A number of large investors have recently added to or reduced their stakes in PRIM. Van Berkom & Associates Inc. increased its position in Primoris Services Corporation by 16.0% during the second quarter. Van Berkom & Associates Inc. now owns 2,370,675 shares of the construction company’s stock worth $59,125,000 after acquiring an additional 327,189 shares during the period. Bar Harbor Trust Services bought a new position in Primoris Services Corporation during the second quarter worth about $4,202,000. Value Holdings Management CO. LLC increased its holdings in Primoris Services Corporation by 37.8% in the 2nd quarter. Value Holdings Management CO. LLC now owns 477,343 shares of the construction company’s stock valued at $11,905,000 after buying an additional 131,031 shares during the period. Vanguard Group Inc. increased its holdings in Primoris Services Corporation by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 3,213,218 shares of the construction company’s stock valued at $74,612,000 after buying an additional 116,098 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in Primoris Services Corporation by 242.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 163,130 shares of the construction company’s stock valued at $4,800,000 after buying an additional 115,450 shares during the period. 69.26% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Peter J. Moerbeek sold 19,778 shares of the firm’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $28.99, for a total transaction of $573,364.22. Following the transaction, the chief financial officer now directly owns 43,346 shares of the company’s stock, valued at $1,256,600.54. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Brian Pratt sold 88,500 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $28.67, for a total transaction of $2,537,295.00. Following the transaction, the director now directly owns 8,659,574 shares in the company, valued at $248,269,986.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,548,356 shares of company stock worth $43,921,202. 24.00% of the stock is owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Friday, December 29th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.92%. This is a positive change from Primoris Services Corporation’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, December 28th. Primoris Services Corporation’s dividend payout ratio (DPR) is currently 17.60%.
Primoris Services Corporation 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. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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