Primoris Services (NASDAQ:PRIM) Releases FY 2019 Earnings Guidance

Primoris Services (NASDAQ:PRIM) updated its FY 2019 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.60-1.80 for the period, compared to the Thomson Reuters consensus estimate of $1.66. Primoris Services also updated its FY19 guidance to $1.60-$1.80 EPS.

Several research firms have commented on PRIM. Zacks Investment Research downgraded shares of Primoris Services from a hold rating to a sell rating in a research note on Tuesday, July 30th. BidaskClub downgraded shares of Primoris Services from a hold rating to a sell rating in a research note on Saturday, July 13th.

Shares of NASDAQ:PRIM traded down $0.06 during trading on Wednesday, hitting $19.42. The company’s stock had a trading volume of 13,405 shares, compared to its average volume of 162,811. The firm’s 50 day simple moving average is $20.30. The stock has a market cap of $992.12 million, a P/E ratio of 11.41, a PEG ratio of 1.18 and a beta of 1.50. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a fifty-two week low of $17.82 and a fifty-two week high of $27.14.

Primoris Services (NASDAQ:PRIM) last posted its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The business had revenue of $789.90 million during the quarter, compared to the consensus estimate of $749.23 million. Primoris Services had a net margin of 2.54% and a return on equity of 13.86%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, equities analysts predict that Primoris Services will post 1.66 earnings per share for the current year.

In related news, Director Brian Pratt sold 300,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $19.00, for a total value of $5,700,000.00. Following the completion of the sale, the director now directly owns 1,587,896 shares of the company’s stock, valued at $30,170,024. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last quarter, insiders have sold 574,928 shares of company stock valued at $11,270,214. Insiders own 13.80% of the company’s stock.

Primoris Services Company Profile

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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