What is KeyCorp's Forecast for PRIM FY2024 Earnings?

Primoris Services Co. (NASDAQ:PRIM - Free Report) - Equities research analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for Primoris Services in a note issued to investors on Tuesday, December 10th. KeyCorp analyst S. Jain anticipates that the construction company will post earnings per share of $3.48 for the year. KeyCorp has a "Strong-Buy" rating on the stock. The consensus estimate for Primoris Services' current full-year earnings is $3.45 per share.

PRIM has been the subject of several other reports. DA Davidson lifted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. UBS Group raised their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They issued an "overweight" rating and a $71.00 target price for the company. Finally, The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. One 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's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $86.00.

Primoris Services Stock Performance

Shares of NASDAQ PRIM traded down $0.35 during trading on Friday, reaching $79.40. 301,206 shares of the stock traded hands, compared to its average volume of 581,502. The company has a 50-day moving average of $73.06 and a 200-day moving average of $60.32. Primoris Services has a 52-week low of $30.94 and a 52-week high of $84.97. The stock has a market capitalization of $4.26 billion, a P/E ratio of 26.29 and a beta of 1.12. 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 (NASDAQ:PRIM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.20. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend 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 dividend payout ratio is currently 7.95%.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares of the company's stock, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the completion of the transaction, the director now directly owns 137,281 shares of the company's stock, valued at approximately $8,133,899.25. The trade was a 15.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,018 shares of company stock valued at $3,336,224 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PRIM. Geode Capital Management LLC lifted its stake in shares of Primoris Services by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company's stock valued at $70,810,000 after purchasing an additional 15,070 shares during the period. Summit Partners Public Asset Management LLC lifted its position in shares of Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock valued at $48,779,000 after acquiring an additional 374,926 shares during the period. Yaupon Capital Management LP boosted its stake in shares of Primoris Services by 28.4% during the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock worth $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock valued at $35,255,000 after purchasing an additional 91,235 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Primoris Services during the second quarter worth $28,089,000. 91.82% of the stock is currently owned by institutional investors and hedge funds.

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.