Primoris Services Co. (NASDAQ:PRIM) Plans $0.08 Quarterly Dividend

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, February 24th, RTT News reports. Stockholders 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 dividend yield of 0.50%.

Primoris Services has increased its dividend by an average of 2.7% annually over the last three years. Primoris Services has a dividend payout ratio of 6.8% 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 Trading Down 2.9 %

PRIM traded down $1.89 on Monday, hitting $64.13. 1,129,515 shares of the company were exchanged, compared to its average volume of 767,407. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a 12 month low of $37.00 and a 12 month high of $90.86. The firm has a fifty day simple moving average of $78.32 and a two-hundred day simple moving average of $69.51. The stock has a market capitalization of $3.44 billion, a PE ratio of 21.23 and a beta of 1.14.

Insiders Place Their Bets

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the transaction, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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 research note on Wednesday, November 6th. UBS Group upped their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. DA Davidson boosted their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, KeyCorp assumed coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $91.50.

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.