Primoris Services Co. to Issue Quarterly Dividend of $0.08 (NASDAQ:PRIM)

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, February 24th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.08 per share by the construction company on Tuesday, April 15th. This represents a $0.32 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st.

Primoris Services has increased its dividend payment by an average of 2.7% per year over the last three years. Primoris Services has a dividend payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Primoris Services to earn $4.05 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 7.9%.

Primoris Services Stock Performance

PRIM opened at $57.27 on Friday. The firm has a market cap of $3.08 billion, a P/E ratio of 18.96 and a beta of 1.13. Primoris Services has a 1-year low of $40.74 and a 1-year high of $90.86. The company has a 50 day simple moving average of $71.07 and a two-hundred day simple moving average of $71.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Insiders Place Their Bets

In related news, Director Stephen C. Cook sold 998 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total value of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares of the company’s stock, valued at $501,636. The trade was a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the sale, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. 1.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on PRIM. DA Davidson reissued a “buy” rating and set a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. Guggenheim initiated coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. Finally, Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Primoris Services has a consensus rating of “Buy” and an average price target of $89.14.

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.