Primoris Buys Back $100M in Q3, Solar Projects Near Completion
PRIM is trading near its 52-week low of $65 (9.4% above the low).
Summary
Primoris repurchased $100M of stock in Q3 at an average price of $75.15, bringing YTD buybacks to $150M and exhausting its authorization. Management's willingness to buy at these levels suggests confidence despite the Q2 loss and ongoing class action. Five of six margin-pressured solar projects have reached mechanical completion, with the last expected in Q4, reducing a key overhang. A new President of Renewables has been appointed to improve execution. Watch for a renewed buyback authorization and confirmation of final project completion without further charges.
At the time of this announcement, PRIM was trading at $71.12 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $65.00 to $205.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.