Primoris Services (NASDAQ:PRIM – Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $3.05-3.25 for the period, compared to the consensus EPS estimate of $3.04. Primoris Services also updated its FY 2024 guidance to 3.050-3.250 EPS.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on PRIM. DA Davidson boosted their target price on shares of Primoris Services from $45.00 to $55.00 and gave the company a buy rating in a report on Thursday, April 4th. The Goldman Sachs Group upped their price target on Primoris Services from $38.00 to $43.00 and gave the company a neutral rating in a research note on Thursday, April 4th. UBS Group increased their target price on Primoris Services from $44.00 to $63.00 and gave the stock a buy rating in a research note on Friday, April 5th. Finally, StockNews.com cut Primoris Services from a strong-buy rating to a buy rating in a research report on Thursday, March 7th.
Get Our Latest Analysis on Primoris Services
Primoris Services Stock Performance
Primoris Services (NASDAQ:PRIM – Get Free Report) last announced its quarterly earnings data on Monday, February 26th. The construction company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.64 by $0.21. The firm had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.93 earnings per share. As a group, equities research analysts forecast that Primoris Services will post 2.61 earnings per share for the current year.
Primoris Services Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.50%. Primoris Services’s payout ratio is currently 10.34%.
Insiders Place Their Bets
In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $40.69, for a total transaction of $101,725.00. Following the completion of the transaction, the director now owns 29,217 shares of the company’s stock, valued at approximately $1,188,839.73. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director John P. Schauerman sold 20,000 shares of Primoris Services stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the transaction, the director now owns 217,281 shares in the company, valued at $8,975,878.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total value of $101,725.00. Following the completion of the transaction, the director now owns 29,217 shares in the company, valued at $1,188,839.73. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,000 shares of company stock valued at $2,040,125. Insiders own 1.30% of the company’s stock.
About Primoris Services
Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.
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