Primoris Services (NASDAQ:PRIM - Get Free Report) posted its quarterly earnings data on Wednesday. The construction company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.08 by $0.39, Briefing.com reports. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. Primoris Services had a return on equity of 13.20% and a net margin of 2.21%. The firm's revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS. Primoris Services updated its FY24 guidance to $3.05-3.25 EPS and its FY 2024 guidance to 3.050-3.250 EPS.
Primoris Services Trading Up 5.0 %
Shares of Primoris Services stock traded up $2.39 during trading on Thursday, hitting $50.19. The stock had a trading volume of 1,141,070 shares, compared to its average volume of 502,911. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $2.69 billion, a PE ratio of 21.26 and a beta of 1.14. Primoris Services has a 1 year low of $23.70 and a 1 year high of $52.75. The stock has a 50 day simple moving average of $43.41 and a 200 day simple moving average of $36.65.
Primoris Services Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, March 27th. Primoris Services's dividend payout ratio is presently 10.34%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on PRIM. StockNews.com cut Primoris Services from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 7th. DA Davidson raised their price objective on Primoris Services from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Thursday, April 4th. The Goldman Sachs Group raised their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a "neutral" rating in a report on Thursday, April 4th. Finally, UBS Group raised their price target on shares of Primoris Services from $44.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, April 5th.
View Our Latest Report on PRIM
Insider Buying and Selling at Primoris Services
In other news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the transaction, the chief accounting officer now owns 9,068 shares in the company, valued at $362,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Travis L. Stricker sold 7,500 shares of Primoris Services stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief accounting officer now owns 9,068 shares of the company's stock, valued at $362,720. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David Lee King sold 2,500 shares of the company'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 directly owns 29,217 shares in the company, valued at $1,188,839.73. The disclosure for this sale can be found here. Insiders have sold a total of 50,000 shares of company stock valued at $2,040,125 in the last three months. 1.30% of the stock is currently owned by company insiders.
Primoris Services Company Profile
(
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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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