Primoris Services (NASDAQ:PRIM – Get Free Report) issued its earnings results on Wednesday. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39, Briefing.com reports. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a net margin of 2.21% and a return on equity of 13.20%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. Primoris Services updated its FY24 guidance to $3.05-3.25 EPS and its FY 2024 guidance to 3.050-3.250 EPS.
Primoris Services Stock Up 4.9 %
Shares of NASDAQ:PRIM traded up $2.36 during trading on Thursday, reaching $50.16. The stock had a trading volume of 1,141,075 shares, compared to its average volume of 502,911. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $2.69 billion, a P/E ratio of 21.26 and a beta of 1.14. The firm’s 50-day simple moving average is $43.41 and its 200 day simple moving average is $36.65. Primoris Services has a one year low of $23.70 and a one year high of $52.75.
Primoris Services Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.06 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.48%. Primoris Services’s dividend payout ratio (DPR) is presently 10.34%.
Analyst Upgrades and Downgrades
Get Our Latest Analysis on PRIM
Insider Activity at Primoris Services
In other news, Director John P. Schauerman sold 20,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $41.31, for a total transaction of $826,200.00. Following the sale, the director now owns 217,281 shares in the company, valued at $8,975,878.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primoris Services news, Director David Lee King sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $40.69, for a total transaction of $101,725.00. Following the sale, the director now owns 29,217 shares in the company, valued at approximately $1,188,839.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 20,000 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $41.31, for a total value of $826,200.00. Following the completion of the transaction, the director now owns 217,281 shares of the company’s stock, valued at $8,975,878.11. The disclosure for this sale can be found here. Insiders sold 50,000 shares of company stock valued at $2,040,125 over the last 90 days. Insiders own 1.30% of the company’s stock.
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.
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