Primoris Services (NASDAQ:PRIM) Issues Quarterly Earnings Results, Beats Estimates By $0.39 EPS

Primoris Services (NASDAQ:PRIM) posted its earnings results on Wednesday. The construction company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.08 by $0.39, Briefing.com reports. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.38 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 earnings per share. 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 Stock Up 4.9 %

PRIM stock opened at $50.16 on Friday. The company has a market cap of $2.69 billion, a PE ratio of 21.62 and a beta of 1.14. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.72. Primoris Services has a twelve month low of $23.70 and a twelve month high of $52.75. The business’s 50-day simple moving average is $43.62 and its 200 day simple moving average is $36.74.

Primoris Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.06 dividend. 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 (DPR) is presently 10.34%.

Insider Activity at Primoris Services

In other Primoris Services news, CAO Travis L. Stricker sold 7,500 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the sale, the chief accounting officer now directly owns 9,068 shares in the company, valued at $362,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John P. Schauerman sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $41.31, for a total transaction of $826,200.00. Following the sale, the director now directly owns 217,281 shares in the company, valued at approximately $8,975,878.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Travis L. Stricker sold 7,500 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $40.00, for a total value of $300,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,068 shares in the company, valued at approximately $362,720. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,000 shares of company stock worth $2,040,125. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PRIM shares. UBS Group upped their price objective on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, April 5th. StockNews.com lowered Primoris Services from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 7th. DA Davidson boosted their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, The Goldman Sachs Group lifted their price target on shares of Primoris Services from $38.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, April 4th.

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.