Primoris Services Co. (NASDAQ:PRIM – Get Free Report) 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.
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.
Get Our Latest Research 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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