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

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, November 6th, Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid 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 is Tuesday, December 31st. This is a boost from Primoris Services’s previous quarterly dividend of $0.06.

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

NASDAQ:PRIM traded up $3.23 on Wednesday, hitting $77.08. The company had a trading volume of 2,242,779 shares, compared to its average volume of 574,758. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.65. Primoris Services has a 52 week low of $29.14 and a 52 week high of $78.53. The firm has a 50 day moving average of $58.58 and a two-hundred day moving average of $54.14. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 25.01 and a beta of 1.05.

Primoris Services (NASDAQ:PRIM) last announced its quarterly earnings results 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. Primoris Services had a net margin of 2.68% and a return on equity of 15.53%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the prior year, the company posted $1.02 EPS. The company’s revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Primoris Services will post 3.33 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on PRIM. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday. UBS Group increased their price objective on shares of Primoris Services from $69.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. DA Davidson increased their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. began coverage on shares of Primoris Services in a research report on Monday, October 7th. They set an “overweight” rating and a $71.00 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total transaction of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at $8,771,288.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $54.05, for a total value of $1,351,250.00. Following the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total transaction of $242,954.03. 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 ninety days. 1.30% of the stock is owned by corporate insiders.

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.