What is KeyCorp’s Estimate for PRIM FY2024 Earnings?

Primoris Services Co. (NASDAQ:PRIM) – Research analysts at KeyCorp issued their FY2024 earnings per share estimates for shares of Primoris Services in a report released on Tuesday, December 10th. KeyCorp analyst S. Jain expects that the construction company will earn $3.48 per share for the year. KeyCorp currently has a “Strong-Buy” rating on the stock. The consensus estimate for Primoris Services’ current full-year earnings is $3.45 per share.

A number of other research analysts also recently weighed in on PRIM. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on Primoris Services in a research note on Monday, October 7th. They issued an “overweight” rating and a $71.00 price objective for the company. Finally, DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $86.00.

Primoris Services Stock Down 0.4 %

PRIM stock opened at $79.40 on Friday. The stock’s 50 day simple moving average is $73.06 and its 200 day simple moving average is $60.32. Primoris Services has a fifty-two week low of $30.94 and a fifty-two week high of $84.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $4.26 billion, a P/E ratio of 26.29 and a beta of 1.12.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.20. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $1.02 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis.

Primoris Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. Primoris Services’s dividend payout ratio is 7.95%.

Insider Transactions at Primoris Services

In related news, Director John P. Schauerman sold 25,000 shares of the 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 sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. This trade represents a 15.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David Lee King sold 2,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total value of $152,280.00. Following the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 7.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,018 shares of company stock valued at $3,336,224 over the last ninety days. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primoris Services

Large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC raised its position in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. raised its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. CWM LLC raised its position in shares of Primoris Services by 25.1% in the second quarter. CWM LLC now owns 1,095 shares of the construction company’s stock worth $55,000 after buying an additional 220 shares in the last quarter. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services in the third quarter worth $59,000. Finally, TD Private Client Wealth LLC raised its position in shares of Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

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.