Q4 Earnings Estimate for Primoris Services Issued By KeyCorp

Primoris Services Co. (NASDAQ:PRIM - Free Report) - Analysts at KeyCorp issued their Q4 2024 earnings estimates for Primoris Services in a research report issued on Tuesday, December 10th. KeyCorp analyst S. Jain expects that the construction company will post earnings per share of $0.74 for the quarter. KeyCorp currently has a "Strong-Buy" rating on the stock. The consensus estimate for Primoris Services' current full-year earnings is $3.45 per share. KeyCorp also issued estimates for Primoris Services' FY2025 earnings at $4.01 EPS and FY2026 earnings at $4.84 EPS.

A number of other brokerages have also commented on PRIM. DA Davidson upped their price target on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. UBS Group increased their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research note on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price for the company. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $86.00.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $1.03 during trading hours on Thursday, hitting $79.68. 419,589 shares of the company's stock were exchanged, compared to its average volume of 582,670. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 26.38 and a beta of 1.12. The company's 50-day moving average price is $72.67 and its 200-day moving average price is $60.15. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services has a 1-year low of $30.94 and a 1-year high of $84.97.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.20. 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 15.23%. The business's revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS.

Primoris Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. This is an increase from Primoris Services's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Tuesday, December 31st. Primoris Services's dividend payout ratio (DPR) is presently 10.60%.

Insider Transactions at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the transaction, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John M. Perisich sold 4,391 shares of Primoris Services stock in a transaction 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. In the last three months, insiders sold 52,409 shares of company stock valued at $3,579,178. Company insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Primoris Services

A number of hedge funds have recently made changes to their positions in the company. TD Private Client Wealth LLC grew its position in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after acquiring an additional 230 shares during the last quarter. Virtue Capital Management LLC boosted its stake in Primoris Services by 2.1% in the third quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock worth $952,000 after purchasing an additional 342 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Primoris Services by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock worth $70,810,000 after purchasing an additional 15,070 shares during the last quarter. Vestcor Inc acquired a new stake in shares of Primoris Services in the third quarter valued at $925,000. Finally, Barclays PLC raised its holdings in shares of Primoris Services by 245.8% in the third quarter. Barclays PLC now owns 114,116 shares of the construction company's stock valued at $6,628,000 after buying an additional 81,111 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

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.