Primoris Services (NASDAQ:PRIM – Get Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.39-$2.59 for the period. The company issued revenue guidance of -.
Primoris Services Trading Down 6.3 %
Shares of PRIM traded down $1.41 during mid-day trading on Tuesday, reaching $21.09. The company’s stock had a trading volume of 6,612 shares, compared to its average volume of 220,891. The stock has a market cap of $1.12 billion, a PE ratio of 10.55 and a beta of 1.06. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.61. Primoris Services has a 52 week low of $20.34 and a 52 week high of $29.38. The company’s fifty day moving average price is $22.71 and its two-hundred day moving average price is $24.29.
Primoris Services (NASDAQ:PRIM – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The construction company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.09). The firm had revenue of $784.38 million for the quarter, compared to the consensus estimate of $799.18 million. Primoris Services had a net margin of 3.12% and a return on equity of 12.33%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. On average, analysts predict that Primoris Services will post 2.64 earnings per share for the current fiscal year.
Primoris Services Dividend Announcement
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The company also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.14%. The ex-dividend date was Wednesday, June 29th. Primoris Services’s dividend payout ratio (DPR) is 12.06%.
Analyst Ratings Changes
Separately, TheStreet downgraded shares of Primoris Services from a b- rating to a c+ rating in a research report on Friday, June 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of Hold and an average price target of $28.50.
Hedge Funds Weigh In On Primoris Services
Several institutional investors have recently made changes to their positions in the business. Raymond James & Associates lifted its stake in shares of Primoris Services by 9.1% in the 1st quarter. Raymond James & Associates now owns 16,172 shares of the construction company’s stock worth $385,000 after purchasing an additional 1,345 shares during the period. Advisors Asset Management Inc. increased its holdings in Primoris Services by 2.4% in the 1st quarter. Advisors Asset Management Inc. now owns 105,221 shares of the construction company’s stock worth $2,506,000 after acquiring an additional 2,443 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Primoris Services by 44.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,568 shares of the construction company’s stock worth $299,000 after acquiring an additional 3,862 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Primoris Services by 1.4% in the 1st quarter. Bank of New York Mellon Corp now owns 327,802 shares of the construction company’s stock worth $7,809,000 after acquiring an additional 4,617 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Primoris Services by 53.2% in the 1st quarter. MetLife Investment Management LLC now owns 28,090 shares of the construction company’s stock worth $669,000 after acquiring an additional 9,749 shares in the last quarter. Institutional investors own 88.35% of the company’s stock.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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.
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