Analysts Expect Primoris Services Corp (NASDAQ:PRIM) Will Announce Quarterly Sales of $865.35 Million

Brokerages predict that Primoris Services Corp (NASDAQ:PRIM) will report $865.35 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Primoris Services’ earnings, with estimates ranging from $847.70 million to $883.00 million. Primoris Services reported sales of $908.90 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 4.8%. The company is scheduled to issue its next earnings results on Tuesday, November 5th.

On average, analysts expect that Primoris Services will report full-year sales of $3.13 billion for the current fiscal year, with estimates ranging from $3.11 billion to $3.16 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.44 billion, with estimates ranging from $3.35 billion to $3.53 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Primoris Services.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Primoris Services had a return on equity of 13.95% and a net margin of 2.62%. The business had revenue of $789.90 million during the quarter, compared to analysts’ expectations of $749.23 million. During the same quarter last year, the business posted $0.31 EPS. The business’s revenue was up 21.7% on a year-over-year basis.



Several research firms have weighed in on PRIM. Zacks Investment Research upgraded Primoris Services from a “sell” rating to a “hold” rating in a report on Friday. BidaskClub cut Primoris Services from a “hold” rating to a “sell” rating in a research note on Saturday, July 13th.

In other news, Director Brian Pratt sold 175,118 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $20.09, for a total value of $3,518,120.62. Following the completion of the transaction, the director now owns 1,887,896 shares in the company, valued at approximately $37,927,830.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 13.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRIM. Hilton Capital Management LLC bought a new position in Primoris Services during the 1st quarter valued at approximately $60,000. First Mercantile Trust Co. increased its position in Primoris Services by 32.6% during the 1st quarter. First Mercantile Trust Co. now owns 5,082 shares of the construction company’s stock valued at $105,000 after buying an additional 1,250 shares in the last quarter. SG Americas Securities LLC bought a new position in Primoris Services during the 1st quarter valued at approximately $112,000. Bank of Montreal Can increased its position in Primoris Services by 206.7% during the 2nd quarter. Bank of Montreal Can now owns 5,490 shares of the construction company’s stock valued at $114,000 after buying an additional 3,700 shares in the last quarter. Finally, Aperio Group LLC bought a new position in Primoris Services during the 2nd quarter valued at approximately $152,000. Institutional investors own 77.02% of the company’s stock.

NASDAQ PRIM traded down $0.06 on Friday, hitting $19.95. The company’s stock had a trading volume of 156,780 shares, compared to its average volume of 172,808. Primoris Services has a 52-week low of $17.82 and a 52-week high of $26.15. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.76. The company’s 50-day simple moving average is $20.33 and its 200 day simple moving average is $20.73. The firm has a market cap of $1.02 billion, a P/E ratio of 11.74 and a beta of 1.50.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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