Primoris Services Co. (NASDAQ:PRIM) to Issue Quarterly Dividend of $0.08

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, February 24th, RTT News reports. Investors 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 raised its dividend payment by an average of 2.7% per year over the last three years. Primoris Services has a dividend payout ratio of 6.8% indicating that 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 traded down $1.89 on Monday, hitting $64.13. 1,129,515 shares of the stock traded hands, 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. The business’s fifty day moving average is $78.32 and its two-hundred day moving average is $69.51. Primoris Services has a 12 month low of $37.00 and a 12 month high of $90.86. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of 21.23 and a beta of 1.14.

Insider Buying and Selling

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PRIM shares. The Goldman Sachs Group lifted their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. Guggenheim initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective for the company. Finally, DA Davidson boosted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Primoris Services currently has a consensus rating of “Buy” and an average target price 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.