Primoris Services Co. Declares Quarterly Dividend of $0.06 (NASDAQ:PRIM)

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.06 per share by the construction company on Monday, July 15th. This represents a $0.24 annualized dividend and a dividend yield of 0.47%. 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 Stock Down 2.0 %

NASDAQ PRIM opened at $51.03 on Thursday. Primoris Services has a 52 week low of $28.59 and a 52 week high of $56.62. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 16.58 and a beta of 1.12. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. The company has a fifty day moving average of $50.86 and a two-hundred day moving average of $42.12.

Primoris Services (NASDAQ:PRIM) last issued its earnings results on Wednesday, May 8th. The construction company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.39. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.38 billion. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. On average, analysts predict that Primoris Services will post 2.67 earnings per share for the current year.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 2,500 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the transaction, the director now owns 27,517 shares of the company’s stock, valued at $1,454,548.62. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Thomas Edward Mccormick sold 10,000 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $49.47, for a total transaction of $494,700.00. Following the completion of the transaction, the chief executive officer now owns 60,961 shares of the company’s stock, valued at $3,015,740.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David Lee King sold 2,500 shares of the firm’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 transaction, the director now directly owns 27,517 shares of the company’s stock, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,831 shares of company stock valued at $2,807,646. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, April 4th. UBS Group raised their target price on shares of 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 downgraded shares of Primoris Services from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 7th. Finally, DA Davidson raised their target price on shares of Primoris Services from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, April 4th.

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.