Primoris Services Co. (NASDAQ:PRIM – Get Free Report) announced a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.06 per share by the construction company on Monday, July 15th. This represents a $0.24 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Friday, June 28th.
Primoris Services has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Primoris Services to earn $3.29 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 7.3%.
Primoris Services Stock Performance
Shares of PRIM stock opened at $51.03 on Thursday. The business has a fifty day moving average of $50.86 and a 200 day moving average of $42.12. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 16.58 and a beta of 1.12. Primoris Services has a 1 year low of $28.59 and a 1 year high of $56.62. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.38 and a quick ratio of 1.38.
Wall Street Analyst Weigh In
A number of analysts have issued reports on PRIM shares. StockNews.com downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. DA Davidson boosted their price target on shares of Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. UBS Group boosted their price target on shares of Primoris Services from $44.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Finally, The Goldman Sachs Group boosted their target price on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, April 4th.
Check Out Our Latest Report on PRIM
Insider Activity at Primoris Services
In other Primoris Services news, CEO Thomas Edward Mccormick sold 10,000 shares of the 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 transaction, the chief executive officer now owns 60,961 shares of the company’s stock, valued at $3,015,740.67. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Carla S. Mashinski sold 3,883 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total value of $209,371.36. Following the completion of the sale, the director now owns 20,454 shares of the company’s stock, valued at $1,102,879.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Edward Mccormick sold 10,000 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $49.47, for a total transaction of $494,700.00. Following the completion of the sale, the chief executive officer now directly owns 60,961 shares of the company’s stock, valued at approximately $3,015,740.67. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,831 shares of company stock valued at $2,807,646. Company insiders own 1.40% of the company’s stock.
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.
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