Primoris Services (NASDAQ:PRIM) Releases Earnings Results, Beats Estimates By $0.20 EPS

Primoris Services (NASDAQ:PRIM) posted its quarterly earnings data on Monday. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.02 by $0.20, Briefing.com reports. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. Primoris Services’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 EPS. Primoris Services updated its FY24 guidance to $3.40-3.55 EPS and its FY 2024 guidance to 3.400-3.550 EPS.

Primoris Services Stock Performance

Shares of PRIM stock traded up $3.23 during trading hours on Wednesday, hitting $77.08. The company’s stock had a trading volume of 2,242,775 shares, compared to its average volume of 574,758. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a 50 day moving average of $58.58 and a 200 day moving average of $54.14. Primoris Services has a 12-month low of $29.14 and a 12-month high of $78.53. The stock has a market cap of $4.14 billion, a PE ratio of 25.01 and a beta of 1.05.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. This is a boost from Primoris Services’s previous quarterly dividend of $0.06. The ex-dividend date is Tuesday, December 31st. Primoris Services’s payout ratio is presently 7.95%.

Analysts Set New Price Targets

PRIM has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. began coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Insider Activity at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 137,281 shares in the company, valued at $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The disclosure for this sale can be found here. Insiders sold 54,391 shares of company stock worth $3,075,454 over the last three months. Company insiders own 1.30% of the company’s stock.

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.