FY2024 Earnings Estimate for PRIM Issued By KeyCorp

Primoris Services Co. (NASDAQ:PRIM) – Stock analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for Primoris Services in a research report issued to clients and investors on Tuesday, December 10th. KeyCorp analyst S. Jain expects that the construction company will post earnings per share of $3.48 for the year. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share.

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. DA Davidson raised their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. UBS Group boosted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, JPMorgan Chase & Co. started coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $86.00.

Primoris Services Price Performance

PRIM stock opened at $79.40 on Friday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 26.29 and a beta of 1.12. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 52-week low of $30.94 and a 52-week high of $84.97. The business has a fifty day moving average of $73.06 and a two-hundred day moving average of $60.36.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm posted $1.02 EPS. Primoris Services’s quarterly revenue was up 7.8% compared to the same quarter last year.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. Nisa Investment Advisors LLC grew its holdings in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. grew its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after buying an additional 197 shares during the last quarter. Millburn Ridgefield Corp acquired a new position in Primoris Services during the 3rd quarter worth $59,000. CWM LLC grew its holdings in Primoris Services by 25.1% in the 2nd quarter. CWM LLC now owns 1,095 shares of the construction company’s stock valued at $55,000 after buying an additional 220 shares during the last quarter. Finally, TD Private Client Wealth LLC increased its position in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now owns 137,281 shares of the company’s stock, valued at $8,133,899.25. This represents a 15.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,018 shares of company stock valued at $3,336,224. Insiders own 1.40% of the company’s stock.

Primoris Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.40%. Primoris Services’s payout ratio is 7.95%.

Primoris Services Company Profile

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.