According to Zacks, “Primoris Services Corporation, through various subsidiaries, operates as one of the largest specialty contractors and infrastructure companies in the United States. The Company provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. It operates through three segments: East Construction Services; West Construction Services; and Engineering. Primoris Services Corporation is headquartered in Dallas, Texas. “
Separately, BidaskClub downgraded Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, July 13th.
Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. The company had revenue of $789.90 million during the quarter, compared to the consensus estimate of $749.23 million. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. Primoris Services’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. As a group, sell-side analysts anticipate that Primoris Services will post 1.69 EPS for the current year.
In related news, Director Brian Pratt sold 19,678 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $20.01, for a total value of $393,756.78. Following the completion of the sale, the director now owns 2,114,721 shares in the company, valued at approximately $42,315,567.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 363,423 shares of company stock valued at $6,968,657 in the last 90 days. 13.80% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position in Primoris Services by 4.4% in the second quarter. BlackRock Inc. now owns 2,940,395 shares of the construction company’s stock valued at $61,542,000 after purchasing an additional 123,473 shares during the last quarter. Deprince Race & Zollo Inc. lifted its position in Primoris Services by 33.0% in the second quarter. Deprince Race & Zollo Inc. now owns 2,083,548 shares of the construction company’s stock valued at $43,609,000 after purchasing an additional 516,512 shares during the last quarter. Norges Bank bought a new stake in Primoris Services in the fourth quarter valued at approximately $15,066,000. Northern Trust Corp lifted its position in Primoris Services by 0.6% in the second quarter. Northern Trust Corp now owns 726,450 shares of the construction company’s stock valued at $15,204,000 after purchasing an additional 4,024 shares during the last quarter. Finally, Rice Hall James & Associates LLC lifted its position in Primoris Services by 11.3% in the second quarter. Rice Hall James & Associates LLC now owns 716,749 shares of the construction company’s stock valued at $15,002,000 after purchasing an additional 72,733 shares during the last quarter. Hedge funds and other institutional investors own 80.13% of the company’s stock.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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