Primoris Services (NASDAQ:PRIM) Posts Earnings Results, Beats Expectations By $0.20 EPS

Primoris Services (NASDAQ:PRIM) issued its earnings results on Monday. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company posted $1.02 EPS. The business’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 Up 2.9 %

NASDAQ PRIM traded up $2.21 on Thursday, hitting $79.29. 91,539 shares of the stock traded hands, compared to its average volume of 572,861. The company has a market capitalization of $4.26 billion, a P/E ratio of 25.52 and a beta of 1.05. The stock has a 50-day moving average of $59.03 and a 200 day moving average of $54.30. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. Primoris Services has a twelve month low of $29.14 and a twelve month high of $79.29.

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

Insider Activity

In other news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on 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 directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,391 shares of company stock valued at $3,075,454. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

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

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.