Primoris Services Co. (NASDAQ:PRIM – Get Free Report) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.08 per share by the construction company on Wednesday, January 15th. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06.
Primoris Services has a payout ratio of 8.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $3.98 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 8.0%.
Primoris Services Price Performance
NASDAQ PRIM opened at $79.29 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $4.26 billion, a PE ratio of 26.26 and a beta of 1.05. Primoris Services has a 12-month low of $29.14 and a 12-month high of $80.09. The company has a 50 day moving average price of $59.50 and a two-hundred day moving average price of $54.48.
Analyst Ratings Changes
Several brokerages recently commented on PRIM. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday. DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group increased their target price on Primoris Services from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. began coverage on Primoris Services in a research report on Monday, October 7th. They issued an “overweight” rating and a $71.00 price target on the stock. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.25.
Read Our Latest Stock Report on Primoris Services
Insider Activity at Primoris Services
In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the transaction, the director now directly owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $76.14, for a total transaction of $152,280.00. Following the completion of the sale, the director now owns 25,818 shares of the company’s stock, valued at approximately $1,965,782.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $54.05, for a total value of $1,351,250.00. Following the sale, the director now owns 162,281 shares in the company, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 56,391 shares of company stock valued at $3,227,734 in the last 90 days. 1.30% of the stock is owned by corporate insiders.
About Primoris Services
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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