Primoris Services Corp (NASDAQ:PRIM) – Stock analysts at DA Davidson raised their Q2 2018 earnings estimates for shares of Primoris Services in a note issued to investors on Wednesday. DA Davidson analyst B. Thielman now anticipates that the construction company will post earnings per share of $0.41 for the quarter, up from their previous forecast of $0.38. DA Davidson has a “Buy” rating on the stock.
A number of other research firms have also recently weighed in on PRIM. Sidoti raised shares of Primoris Services from a “neutral” rating to a “buy” rating in a research report on Wednesday. Stephens reaffirmed a “hold” rating and set a $28.00 price objective on shares of Primoris Services in a research report on Tuesday. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research report on Wednesday, December 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Finally, BidaskClub cut shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $30.75.
Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results on Tuesday, February 27th. The construction company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.02. The business had revenue of $579.02 million during the quarter, compared to the consensus estimate of $558.67 million. Primoris Services had a net margin of 3.04% and a return on equity of 11.11%. The business’s revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 EPS.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Investors of record on Friday, March 30th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, March 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.96%. Primoris Services’s payout ratio is currently 17.02%.
In other Primoris Services news, Director John P. Schauerman sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen C. Cook sold 3,980 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $27.82, for a total transaction of $110,723.60. Following the completion of the transaction, the director now directly owns 10,502 shares of the company’s stock, valued at approximately $292,165.64. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 16,327 shares of company stock valued at $340,744 and have sold 63,057 shares valued at $1,759,706. Company insiders own 24.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its position in Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after buying an additional 320 shares during the period. Northern Trust Corp lifted its position in shares of Primoris Services by 0.3% during the 2nd quarter. Northern Trust Corp now owns 516,190 shares of the construction company’s stock worth $12,874,000 after purchasing an additional 1,657 shares during the last quarter. Voya Investment Management LLC lifted its position in shares of Primoris Services by 10.6% during the 2nd quarter. Voya Investment Management LLC now owns 20,044 shares of the construction company’s stock worth $500,000 after purchasing an additional 1,927 shares during the last quarter. American International Group Inc. lifted its position in shares of Primoris Services by 8.1% during the 3rd quarter. American International Group Inc. now owns 26,447 shares of the construction company’s stock worth $778,000 after purchasing an additional 1,978 shares during the last quarter. Finally, First Quadrant L P CA lifted its position in shares of Primoris Services by 109.4% during the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock worth $128,000 after purchasing an additional 2,276 shares during the last quarter. 69.74% of the stock is owned by institutional investors.
About Primoris Services
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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