Primoris Services (NASDAQ:PRIM – Get Free Report) posted its earnings results on Monday. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39, Briefing.com reports. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the business earned $0.80 EPS. Primoris Services’s revenue for the quarter was up 10.6% compared to the same quarter last year. Primoris Services updated its FY24 guidance to $3.25-3.45 EPS.
Primoris Services Stock Down 1.2 %
NASDAQ PRIM traded down $0.61 during trading hours on Wednesday, reaching $50.31. 195,671 shares of the company’s stock were exchanged, compared to its average volume of 573,059. The company’s 50-day moving average is $52.52 and its two-hundred day moving average is $46.06. Primoris Services has a one year low of $28.96 and a one year high of $57.72. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 19.22 and a beta of 1.08.
Insider Transactions at Primoris Services
In other news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $49.47, for a total transaction of $494,700.00. Following the completion of the transaction, the chief executive officer now directly owns 60,961 shares of the company’s stock, valued at approximately $3,015,740.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $49.47, for a total value of $494,700.00. Following the transaction, the chief executive officer now owns 60,961 shares in the company, valued at $3,015,740.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the transaction, the director now owns 27,517 shares in the company, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. Insiders sold 54,831 shares of company stock valued at $2,807,646 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.
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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