Primoris Services (NASDAQ:PRIM) Issues Quarterly Earnings Results

Key Points

• Primoris Services reported earnings of $1.68 EPS for the quarter, exceeding analysts' expectations of $1.10 by $0.58, with a 20.9% increase in quarterly revenue year-over-year.
• The company's stock rose by 2.1%, closing at $93.08, with a trading volume significantly above its average.
• Primoris Services announced a quarterly dividend of $0.08, reflecting a 0.3% yield and an annual dividend payout ratio of 8.47%.

Primoris Services (NASDAQ:PRIM - Get Free Report) announced its earnings results on Monday. The construction company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.58, Briefing.com reports. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm's quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 EPS. Primoris Services updated its FY 2025 guidance to 4.900-5.100 EPS.

Primoris Services Stock Up 2.1%

Shares of NASDAQ PRIM traded up $1.94 on Monday, hitting $93.08. The company had a trading volume of 1,317,260 shares, compared to its average volume of 919,205. 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 12-month low of $45.92 and a 12-month high of $96.16. The firm has a market capitalization of $5.03 billion, a P/E ratio of 30.82 and a beta of 1.44. The business has a 50 day moving average of $80.83 and a two-hundred day moving average of $72.14.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.3%. Primoris Services's dividend payout ratio (DPR) is 8.47%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PRIM shares. Piper Sandler lifted their target price on Primoris Services from $75.00 to $76.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Janney Montgomery Scott started coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. Guggenheim reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Finally, KeyCorp boosted their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.56.

Insiders Place Their Bets

In other news, Director John P. Schauerman sold 15,000 shares of Primoris Services stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the sale, the director owned 102,281 shares in the company, valued at $7,913,480.97. This trade represents a 12.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Primoris Services

Several large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its position in shares of Primoris Services by 7.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company's stock valued at $28,337,000 after buying an additional 33,934 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Primoris Services by 25.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company's stock worth $9,650,000 after purchasing an additional 33,818 shares in the last quarter. Caxton Associates LLP acquired a new stake in shares of Primoris Services in the first quarter valued at $268,000. Finally, NewEdge Advisors LLC grew its stake in shares of Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after purchasing an additional 194 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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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