Q4 Earnings Estimate for Primoris Services Issued By KeyCorp

Primoris Services Co. (NASDAQ:PRIM) – Equities researchers at KeyCorp issued their Q4 2024 EPS estimates for Primoris Services in a report issued on Tuesday, December 10th. KeyCorp analyst S. Jain forecasts that the construction company will earn $0.74 per share for the quarter. KeyCorp has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share. KeyCorp also issued estimates for Primoris Services’ FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

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

Primoris Services Stock Down 0.4 %

Shares of Primoris Services stock opened at $79.40 on Thursday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services has a 1 year low of $30.94 and a 1 year high of $84.97. The stock has a 50-day moving average price of $73.06 and a 200 day moving average price of $60.32. The company has a market cap of $4.26 billion, a P/E ratio of 26.29 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.58 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis.

Primoris Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This is a positive change 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 dividend yield of 0.40%. Primoris Services’s dividend payout ratio is 7.95%.

Insiders Place Their Bets

In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total value of $1,481,250.00. Following the completion of the transaction, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. This represents a 15.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,018 shares of company stock valued at $3,336,224 over the last three months. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Primoris Services

Hedge funds have recently modified their holdings of the company. Marshall Wace LLP acquired a new position in Primoris Services in the second quarter worth about $28,089,000. Summit Partners Public Asset Management LLC raised its stake in Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock worth $48,779,000 after acquiring an additional 374,926 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Primoris Services by 837.3% during the second quarter. Victory Capital Management Inc. now owns 366,516 shares of the construction company’s stock valued at $18,285,000 after acquiring an additional 327,412 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Primoris Services by 549.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after purchasing an additional 208,920 shares in the last quarter. Finally, Decade Renewable Partners LP acquired a new stake in shares of Primoris Services in the 2nd quarter valued at $9,584,000. Institutional investors own 91.82% of the company’s stock.

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.