Primoris Services Co. (NASDAQ:PRIM) Increases Dividend to $0.08 Per Share

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Wednesday, November 6th, Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.08 per share by the construction company on Wednesday, January 15th. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Primoris Services’s previous quarterly dividend of $0.06.

Primoris Services has a dividend payout ratio of 8.3% indicating that its dividend is sufficiently covered by earnings. 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

Primoris Services stock opened at $77.08 on Thursday. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.41 and a quick ratio of 1.41. Primoris Services has a 1 year low of $29.14 and a 1 year high of $78.53. The firm has a 50-day moving average of $59.03 and a two-hundred day moving average of $54.30.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, November 4th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.20. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.02 EPS. On average, research analysts forecast that Primoris Services will post 3.33 earnings per share for the current year.

Insider Activity at Primoris Services

In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $55.33, for a total transaction of $242,954.03. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total value of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares in the company, valued at approximately $8,133,899.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock valued at $3,075,454 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on PRIM. DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. assumed coverage on shares of Primoris Services in a report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective on the stock. UBS Group upped their target price on Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, The Goldman Sachs Group lifted their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Primoris Services currently has an average rating of “Moderate Buy” and an average target price of $77.25.

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.