Primoris Services (NASDAQ:PRIM – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $2.49-$2.69 for the period, compared to the consensus earnings per share estimate of $2.24. The company issued revenue guidance of -.
NASDAQ PRIM traded up $0.06 on Wednesday, hitting $23.83. 2,451 shares of the stock were exchanged, compared to its average volume of 437,302. The company’s 50-day moving average price is $24.65 and its two-hundred day moving average price is $25.03. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 11.94 and a beta of 1.07. Primoris Services has a 52-week low of $21.47 and a 52-week high of $34.02. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.44 and a quick ratio of 1.44.
Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings data on Monday, May 9th. The construction company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.09). The business had revenue of $784.38 million during the quarter, compared to analyst estimates of $799.18 million. Primoris Services had a net margin of 3.12% and a return on equity of 12.33%. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 EPS. Equities analysts predict that Primoris Services will post 2.59 EPS for the current fiscal year.
A number of analysts have commented on PRIM shares. Morgan Stanley cut their price target on shares of Primoris Services from $35.00 to $33.00 and set an overweight rating for the company in a research note on Wednesday, March 23rd. DA Davidson restated a buy rating on shares of Primoris Services in a research note on Wednesday, March 2nd. StockNews.com started coverage on shares of Primoris Services in a report on Thursday, March 31st. They issued a hold rating on the stock. Finally, Zacks Investment Research raised shares of Primoris Services from a hold rating to a buy rating and set a $26.00 price target on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $30.25.
In other news, Director David Lee King sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $26.51, for a total transaction of $530,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. UBS Group AG raised its position in shares of Primoris Services by 45.5% in the 3rd quarter. UBS Group AG now owns 4,029 shares of the construction company’s stock valued at $99,000 after purchasing an additional 1,260 shares in the last quarter. Royal Bank of Canada boosted its stake in Primoris Services by 30.0% during the third quarter. Royal Bank of Canada now owns 8,288 shares of the construction company’s stock valued at $203,000 after buying an additional 1,914 shares in the last quarter. First Republic Investment Management Inc. bought a new position in Primoris Services during the first quarter valued at about $263,000. Verition Fund Management LLC purchased a new stake in shares of Primoris Services during the first quarter valued at $298,000. Finally, PNC Financial Services Group Inc. lifted its stake in Primoris Services by 44.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,568 shares of the construction company’s stock worth $299,000 after acquiring an additional 3,862 shares in the last quarter. 88.35% of the stock is owned by hedge funds and other institutional investors.
Primoris Services Company Profile (Get Rating)
Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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.
- Get a free copy of the StockNews.com research report on Primoris Services (PRIM)
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