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

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Monday, February 24th, RTT News reports. Investors of record on Monday, March 31st will be paid 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. Equities 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

NASDAQ:PRIM opened at $64.13 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm’s fifty day simple moving average is $77.96 and its 200 day simple moving average is $69.59. The stock has a market cap of $3.44 billion, a P/E ratio of 21.23 and a beta of 1.14. Primoris Services has a twelve month low of $37.00 and a twelve month high of $90.86.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

PRIM has been the topic of a number of recent research reports. KeyCorp assumed coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. JPMorgan Chase & Co. upped their price target on Primoris Services from $77.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. DA Davidson lifted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price on the stock. Finally, The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $91.50.

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.