Primoris Services Co. (NASDAQ:PRIM – Get Free Report) announced a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Friday, June 28th.
Primoris Services has a dividend payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance
Shares of PRIM opened at $52.29 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.69. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 16.56 and a beta of 1.12. Primoris Services has a 52 week low of $28.29 and a 52 week high of $56.62. The stock has a 50 day moving average of $50.70 and a 200-day moving average of $42.06.
Insider Activity
In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares of the company’s stock, valued at $1,454,548.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Primoris Services news, Director David Lee King sold 2,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $52.86, for a total transaction of $132,150.00. Following the sale, the director now directly owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Carla S. Mashinski sold 3,883 shares of Primoris Services 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 transaction, the director now owns 20,454 shares in the company, valued at approximately $1,102,879.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,831 shares of company stock worth $2,807,646. Insiders own 1.30% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the company. UBS Group raised their target price on Primoris Services from $44.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, April 5th. StockNews.com cut Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. The Goldman Sachs Group upped their price target 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. Finally, DA Davidson boosted their target price on Primoris Services from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, April 4th.
View Our Latest Report on PRIM
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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