Primoris Services (NASDAQ:PRIM) Shares Gap Up Following Dividend Announcement

Shares of Primoris Services Co. (NASDAQ:PRIM) gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $64.32, but opened at $68.31. Primoris Services shares last traded at $67.11, with a volume of 244,186 shares changing hands.

The newly announced dividend which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.47%. Primoris Services’s dividend payout ratio (DPR) is 10.60%.

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. KeyCorp began coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. DA Davidson increased their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, UBS Group boosted their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $91.50.

Primoris Services Stock Up 4.8 %

The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average of $77.96 and a 200-day moving average of $69.59. The firm has a market cap of $3.62 billion, a P/E ratio of 22.49 and a beta of 1.14.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new stake in shares of Primoris Services during the 4th quarter worth approximately $27,000. Nisa Investment Advisors LLC lifted its position in shares of Primoris Services by 414.2% during the 3rd quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock valued at $42,000 after buying an additional 584 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% during the 4th quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock worth $59,000 after acquiring an additional 746 shares during the period. Principal Securities Inc. grew its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

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.