Primoris Services (NASDAQ:PRIM) Issues Earnings Results

Primoris Services (NASDAQ:PRIM) announced its earnings results on Monday. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.20, Briefing.com reports. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the company posted $1.02 EPS. The firm’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 Price Performance

PRIM opened at $65.06 on Tuesday. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 22.65 and a beta of 1.05. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock’s 50-day moving average price is $58.20 and its 200 day moving average price is $53.93. Primoris Services has a 12-month low of $29.14 and a 12-month high of $66.50.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction 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 sale, the director now 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 legal filing 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 stock in a transaction on Friday, September 13th. The stock was sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John P. Schauerman sold 25,000 shares of the business’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 value of $1,481,250.00. Following the sale, the director now owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 in the last three months. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PRIM shares. JPMorgan Chase & Co. began coverage on Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. UBS Group lifted their price target on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

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.