Primoris Services (NASDAQ:PRIM) Updates Fiscal 22 Earnings Guidance
Wall Street analysts predict growth
A number of research companies have weighed in on PRIM. StockNews.com began covering Primoris Services shares in a research report on Wednesday, October 12. They issued a holding note for the company. Goldman Sachs Group lowered its price target on Primoris Services shares from $21.00 to $18.00 and set a sell rating for the company in a research report on Friday, October 14. Morgan Stanley lowered its price target on Primoris Services shares from $33.00 to $30.00 and set an overweight rating for the company in a Friday, September 9 research report. Finally, DA Davidson lowered its price target on Primoris Services shares to $27.00 in a Monday, August 15 research report. One equity research analyst has rated the stock with a sell rating, another has issued a hold rating and two have assigned the stock a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $25.00.
Price performance of Primoris services
PRIM action traded at $0.49 during Monday’s trading, reaching $21.86. 502,035 shares of the company were traded, compared to its average volume of 387,630. Primoris Services has a 52-week low of $15.90 and a 52-week high of $29.38. The company has a debt ratio of 0.62, a quick ratio of 1.48 and a current ratio of 1.48. The company has a fifty-day simple moving average of $18.73 and a 200-day simple moving average of $21.40. The stock has a market capitalization of $1.16 billion, a price-earnings ratio of 9.72 and a beta of 1.22.
Primoris Services (NASDAQ:PRIM – Get a rating) last released its quarterly earnings data on Monday, August 8. The construction company reported EPS of $0.48 for the quarter, missing the consensus estimate of $0.59 per ($0.11). Primoris Services achieved a net margin of 3.38% and a return on equity of 10.96%. The company posted revenue of $1.02 billion for the quarter, versus a consensus estimate of $938.51 million. As a group, research analysts expect Primoris Services to post EPS of 2.5 for the current financial year.
Hedge funds weigh on Primoris services
Institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in Primoris Services by 2.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 58,441 shares of the construction company valued at $1,272,000 after buying 1,393 additional shares in the last quarter. Captrust Financial Advisors increased its stake in Primoris Services shares by 49.3% in the first quarter. Captrust Financial Advisors now owns 51,181 shares of the construction company valued at $1,222,000 after acquiring an additional 16,899 shares during the period. Sei Investments Co. increased its stake in Primoris Services shares by 63.1% in the second quarter. Sei Investments Co. now owns 41,961 shares of the construction company valued at $916,000 after acquiring an additional 16,237 shares during the period. MetLife Investment Management LLC increased its stake in Primoris Services shares by 53.2% in the first quarter. MetLife Investment Management LLC now owns 28,090 shares of the construction company valued at $669,000 after acquiring an additional 9,749 shares during the period. Finally, LPL Financial LLC increased its stake in Primoris Services shares by 9.4% in the second quarter. LPL Financial LLC now owns 30,066 shares of the construction company valued at $654,000 after acquiring 2,573 additional shares during the period. Institutional investors hold 91.48% of the company’s shares.
Primoris Services Company Profile
Primoris Services Corp. operates as a holding company, providing construction, manufacturing, maintenance, replacement and engineering services. It operates through the following segments: Utilities, Power & Renewables, and Pipeline. The Utilities segment specializes in a range of services, including telecommunications and the installation and maintenance of new and existing natural gas and electricity distribution and transmission systems.
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