Primoris Services Co. (NASDAQ:PRIM) Declares Quarterly Dividend of $0.06

Primoris Services Co. (NASDAQ:PRIM) 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.

Primoris Services (NASDAQ:PRIM) last posted its earnings results on Wednesday, May 8th. The construction company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. Primoris Services had a return on equity of 14.13% and a net margin of 2.45%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same period last year, the firm earned $0.18 EPS. The company’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts expect that Primoris Services will post 2.67 earnings per share for the current year.

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.

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.