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 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 of this dividend is Tuesday, December 31st. This is an increase from Primoris Services’s previous quarterly dividend of $0.06.

Primoris Services has a payout ratio of 8.3% meaning 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 Stock Up 4.4 %

Shares of PRIM opened at $77.08 on Thursday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 25.52 and a beta of 1.05. The stock’s 50-day moving average price is $59.03 and its 200-day moving average price is $54.30. Primoris Services has a 52 week low of $29.14 and a 52 week high of $78.53.

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

Insider Activity

In related news, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director now directly owns 162,281 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider John M. Perisich sold 4,391 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John P. Schauerman sold 25,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 162,281 shares of the company’s stock, valued at approximately $8,771,288.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,391 shares of company stock worth $3,075,454 over the last three months. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRIM. UBS Group upped 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. 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. The Goldman Sachs Group upped 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. Finally, DA Davidson upped 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.25.

Primoris Services Company Profile

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.