Primoris Services (NASDAQ:PRIM) issued its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.03, MarketWatch Earnings reports. Primoris Services had a net margin of 2.54% and a return on equity of 13.86%. The firm had revenue of $661.60 million during the quarter, compared to analysts’ expectations of $635.80 million. During the same quarter in the prior year, the business earned $0.01 EPS. Primoris Services’s quarterly revenue was up 31.2% compared to the same quarter last year. Primoris Services updated its FY 2019 guidance to $1.60-1.80 EPS and its FY19 guidance to $1.60-1.80 EPS.
PRIM stock traded down $0.31 during midday trading on Friday, reaching $18.24. 146,700 shares of the company’s stock traded hands, compared to its average volume of 173,549. Primoris Services has a fifty-two week low of $17.82 and a fifty-two week high of $28.90. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.67. The stock has a market cap of $970.77 million, a price-to-earnings ratio of 10.73, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.24 dividend on an annualized basis and a yield of 1.32%. Primoris Services’s dividend payout ratio (DPR) is 14.12%.
In other news, Director Brian Pratt sold 110,182 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $23.32, for a total transaction of $2,569,444.24. Following the transaction, the director now directly owns 2,162,824 shares of the company’s stock, valued at $50,437,055.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 874,202 shares of company stock worth $18,824,667. Corporate insiders own 13.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Marshall Wace LLP acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $560,000. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Primoris Services by 315.1% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 201,463 shares of the construction company’s stock worth $4,166,000 after acquiring an additional 152,930 shares during the last quarter. Macquarie Group Ltd. increased its holdings in shares of Primoris Services by 1.1% during the 1st quarter. Macquarie Group Ltd. now owns 1,927,141 shares of the construction company’s stock worth $39,853,000 after acquiring an additional 20,311 shares during the last quarter. SEI Investments Co acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $326,000. Finally, Ellington Management Group LLC acquired a new position in shares of Primoris Services during the 1st quarter worth approximately $242,000. Hedge funds and other institutional investors own 76.85% of the company’s stock.
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About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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