Zacks: Brokerages Anticipate Primoris Services Corp (PRIM) Will Post Quarterly Sales of $830.80 Million
Equities analysts expect Primoris Services Corp (NASDAQ:PRIM) to post $830.80 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Primoris Services’ earnings, with the highest sales estimate coming in at $831.60 million and the lowest estimate coming in at $830.00 million. Primoris Services posted sales of $579.02 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 43.5%. The business is scheduled to report its next earnings results on Monday, February 25th.
According to Zacks, analysts expect that Primoris Services will report full year sales of $2.89 billion for the current financial year. For the next financial year, analysts expect that the company will post sales of $3.06 billion, with estimates ranging from $2.86 billion to $3.25 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Primoris Services.
PRIM has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Primoris Services from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Wednesday, December 19th. TheStreet cut shares of Primoris Services from a “b-” rating to a “c+” rating in a report on Wednesday, December 26th. ValuEngine upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Finally, BidaskClub upgraded shares of Primoris Services from a “sell” rating to a “hold” rating in a report on Tuesday, November 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Primoris Services currently has an average rating of “Hold” and a consensus target price of $29.00.
Hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new position in shares of Primoris Services in the fourth quarter valued at about $47,000. Quantamental Technologies LLC bought a new position in shares of Primoris Services in the fourth quarter valued at about $80,000. Quantbot Technologies LP raised its position in shares of Primoris Services by 161.5% in the third quarter. Quantbot Technologies LP now owns 4,522 shares of the construction company’s stock valued at $112,000 after purchasing an additional 2,793 shares during the period. Jane Street Group LLC bought a new position in shares of Primoris Services in the second quarter valued at about $202,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Primoris Services in the third quarter valued at about $348,000. 77.94% of the stock is currently owned by institutional investors and hedge funds.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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