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

Primoris Services (NASDAQ:PRIM) posted its quarterly earnings results on Monday. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.20, Briefing.com reports. Primoris Services had a return on equity of 15.53% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the firm earned $1.02 earnings per share. Primoris Services’s quarterly revenue was up 7.8% on a year-over-year basis. 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 $2.21 during trading hours on Thursday, reaching $79.29. 91,539 shares of the company’s stock were exchanged, compared to its average volume of 572,861. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. The company’s 50 day moving average is $59.03 and its two-hundred day moving average is $54.30. The company has a market cap of $4.26 billion, a P/E ratio of 25.52 and a beta of 1.05. Primoris Services has a 1 year low of $29.14 and a 1 year high of $79.29.

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 issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06. Primoris Services’s payout ratio is currently 7.95%.

Analysts Set New Price Targets

PRIM has been the topic of several research analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a research note on Monday, October 7th. They set an “overweight” rating and a $71.00 price target on the stock. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, UBS Group upped their price target on shares of Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $77.25.

Insiders Place Their Bets

In other news, insider John M. Perisich sold 4,391 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider John M. Perisich sold 4,391 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the completion of the transaction, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,391 shares of company stock worth $3,075,454. 1.30% of the stock is owned by corporate insiders.

Primoris Services Company Profile

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.