Primoris Services Corp (NASDAQ:PRIM) – Stock analysts at DA Davidson lifted their FY2018 earnings per share estimates for shares of Primoris Services in a research report issued on Wednesday, November 7th. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings per share of $1.58 for the year, up from their prior forecast of $1.56.
A number of other brokerages have also issued reports on PRIM. ValuEngine raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research raised shares of Primoris Services from a “sell” rating to a “hold” rating in a research note on Friday. Finally, BidaskClub lowered shares of Primoris Services from a “buy” rating to a “hold” rating in a research note on Wednesday, September 5th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.75.
Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings data on Tuesday, November 6th. The construction company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.59 by $0.04. The company had revenue of $908.90 million during the quarter, compared to analyst estimates of $789.90 million. Primoris Services had a net margin of 2.56% and a return on equity of 10.84%. Primoris Services’s quarterly revenue was up 49.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 earnings per share.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Friday, December 28th. Primoris Services’s dividend payout ratio is currently 20.87%.
In other news, Director Stephen C. Cook sold 1,964 shares of the business’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $25.00, for a total transaction of $49,100.00. Following the completion of the sale, the director now directly owns 11,897 shares of the company’s stock, valued at $297,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Lee King sold 7,866 shares of the business’s stock in a transaction on Friday, September 21st. The shares were sold at an average price of $25.44, for a total transaction of $200,111.04. Following the sale, the chief executive officer now directly owns 6,242 shares of the company’s stock, valued at $158,796.48. The disclosure for this sale can be found here. Insiders have sold 734,833 shares of company stock valued at $18,475,786 over the last three months. Insiders own 19.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC purchased a new stake in Primoris Services in the second quarter worth about $202,000. Xact Kapitalforvaltning AB purchased a new stake in Primoris Services in the first quarter worth about $253,000. Global X Management Co LLC lifted its stake in Primoris Services by 19.1% in the second quarter. Global X Management Co LLC now owns 13,194 shares of the construction company’s stock worth $359,000 after acquiring an additional 2,114 shares during the period. LaSalle Street Capital Management LLC purchased a new stake in Primoris Services in the third quarter worth about $384,000. Finally, Victory Capital Management Inc. lifted its stake in Primoris Services by 15.9% in the second quarter. Victory Capital Management Inc. now owns 14,857 shares of the construction company’s stock worth $405,000 after acquiring an additional 2,038 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.
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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