Primoris Services Corp (PRIM) to Post Q4 2018 Earnings of $0.63 Per Share, KeyCorp Forecasts

Primoris Services Corp (NASDAQ:PRIM) – Stock analysts at KeyCorp dropped their Q4 2018 EPS estimates for shares of Primoris Services in a note issued to investors on Tuesday, November 6th. KeyCorp analyst T. Afzal now anticipates that the construction company will post earnings per share of $0.63 for the quarter, down from their prior estimate of $0.65.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Tuesday, November 6th. The construction company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.04. The company had revenue of $908.90 million during the quarter, compared to the consensus estimate of $789.90 million. Primoris Services had a return on equity of 10.95% and a net margin of 2.56%. Primoris Services’s revenue was up 49.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 EPS.

Several other research analysts also recently weighed in on the company. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a report on Saturday, August 11th. ValuEngine downgraded Primoris Services from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Finally, BidaskClub downgraded Primoris Services from a “buy” rating to a “hold” rating in a report on Wednesday, September 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Primoris Services currently has a consensus rating of “Hold” and an average price target of $30.75.

Shares of PRIM opened at $24.17 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 21.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24. Primoris Services has a fifty-two week low of $20.79 and a fifty-two week high of $28.96.

Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its holdings in shares of Primoris Services by 10.8% during the 2nd quarter. Wells Fargo & Company MN now owns 283,491 shares of the construction company’s stock worth $7,719,000 after buying an additional 27,550 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Primoris Services by 8.7% during the 2nd quarter. BlackRock Inc. now owns 2,649,085 shares of the construction company’s stock worth $72,135,000 after buying an additional 212,126 shares during the last quarter. IndexIQ Advisors LLC increased its holdings in shares of Primoris Services by 9.9% during the 2nd quarter. IndexIQ Advisors LLC now owns 87,566 shares of the construction company’s stock worth $2,384,000 after buying an additional 7,853 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Primoris Services by 11.2% during the 2nd quarter. Rhumbline Advisers now owns 41,441 shares of the construction company’s stock worth $1,128,000 after buying an additional 4,190 shares during the last quarter. Finally, Pier Capital LLC increased its holdings in shares of Primoris Services by 12.1% during the 2nd quarter. Pier Capital LLC now owns 255,089 shares of the construction company’s stock worth $6,946,000 after buying an additional 27,525 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

In other Primoris Services news, Director Stephen C. Cook sold 1,964 shares of the business’s stock in a transaction on Friday, September 7th. The stock was sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the transaction, the director now directly owns 11,897 shares in the company, valued at approximately $297,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Lee King sold 7,866 shares of the company’s stock in a transaction on Friday, September 21st. The stock was sold at an average price of $25.44, for a total value of $200,111.04. Following the sale, the chief executive officer now owns 6,242 shares of the company’s stock, valued at $158,796.48. The disclosure for this sale can be found here. Insiders sold a total of 734,833 shares of company stock valued at $18,475,786 over the last quarter. 19.50% of the stock is currently owned by insiders.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be issued a $0.06 dividend. The ex-dividend date is Friday, December 28th. This represents a $0.24 annualized dividend and a yield of 0.99%. Primoris Services’s dividend payout ratio (DPR) is presently 20.87%.

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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Earnings History and Estimates for Primoris Services (NASDAQ:PRIM)

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