Primoris Services (PRIM) to Release Quarterly Earnings on Monday

by · The Markets Daily

Primoris Services (NASDAQ:PRIM – Get Free Report) is anticipated to release its results after the market closes on Monday, February 23rd. Analysts expect Primoris Services to post earnings of $0.95 per share and revenue of $1.8165 billion for the quarter.

Primoris Services Stock Performance

Shares of PRIM opened at $169.51 on Friday. Primoris Services has a 52-week low of $49.10 and a 52-week high of $174.43. The stock’s 50-day simple moving average is $143.26 and its 200 day simple moving average is $132.15. 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 stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 56.13 and a beta of 1.37.

Insiders Place Their Bets

In other news, Director Carla S. Mashinski sold 2,082 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the sale, the director directly owned 21,530 shares in the company, valued at approximately $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the transaction, the director owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Primoris Services

Several hedge funds have recently made changes to their positions in PRIM. State Street Corp lifted its stake in Primoris Services by 56.8% in the fourth quarter. State Street Corp now owns 2,011,488 shares of the construction company’s stock worth $249,866,000 after acquiring an additional 728,646 shares during the period. First Trust Advisors LP lifted its position in shares of Primoris Services by 12.1% in the 4th quarter. First Trust Advisors LP now owns 1,958,008 shares of the construction company’s stock worth $243,067,000 after purchasing an additional 211,096 shares during the period. Wellington Management Group LLP boosted its stake in shares of Primoris Services by 163.0% during the 4th quarter. Wellington Management Group LLP now owns 1,746,203 shares of the construction company’s stock valued at $216,774,000 after purchasing an additional 1,082,218 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Primoris Services by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 710,894 shares of the construction company’s stock valued at $88,250,000 after purchasing an additional 10,708 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Primoris Services by 38.3% during the fourth quarter. JPMorgan Chase & Co. now owns 672,192 shares of the construction company’s stock valued at $83,446,000 after buying an additional 185,992 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent analyst reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $143.00 price objective (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. Mizuho set a $129.00 price target on shares of Primoris Services in a research report on Tuesday, October 28th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. Wells Fargo & Company started coverage on Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective for the company. Finally, KeyCorp boosted their target price on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

Get Our Latest Stock Analysis on PRIM

Primoris Services Company Profile

(Get Free Report)

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.

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