Primoris Services Co. (NASDAQ:PRIM) Raises Dividend to $0.08 Per Share

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, November 4th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.08 per share by the construction company on Wednesday, January 15th. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06.

Primoris Services has a dividend payout ratio of 8.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Primoris Services to earn $4.08 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 7.8%.

Primoris Services Trading Down 4.2 %

PRIM stock opened at $77.73 on Friday. Primoris Services has a twelve month low of $30.94 and a twelve month high of $84.97. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 25.74 and a beta of 1.12. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s fifty day simple moving average is $76.81 and its two-hundred day simple moving average is $62.14.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. As a group, analysts anticipate that Primoris Services will post 3.47 earnings per share for the current year.

Insider Buying and Selling

In other Primoris Services news, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the sale, the chief executive officer now owns 61,390 shares of the company’s stock, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now directly owns 7,908 shares of the company’s stock, valued at approximately $621,015.24. The trade was a 33.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,018 shares of company stock valued at $1,854,974 over the last three months. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PRIM shares. KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. DA Davidson raised their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Primoris Services has a consensus rating of “Buy” and a consensus target price of $86.00.

Primoris Services Company Profile

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.