Primoris Services Co. (NASDAQ:PRIM) Plans Quarterly Dividend of $0.08

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Monday, February 24th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.08 per share by the construction company on Tuesday, April 15th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Monday, March 31st.

Primoris Services has raised its dividend payment by an average of 2.7% per year over the last three years. Primoris Services has a payout ratio of 6.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $4.05 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 7.9%.

Primoris Services Trading Up 9.7 %

NASDAQ:PRIM opened at $70.54 on Wednesday. Primoris Services has a 12-month low of $37.00 and a 12-month high of $90.86. The firm has a market cap of $3.79 billion, a PE ratio of 23.36 and a beta of 1.14. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average price of $77.76 and a 200 day moving average price of $69.72.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

PRIM has been the subject of several recent research reports. KeyCorp began coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. UBS Group lifted their price target on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. DA Davidson reaffirmed a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday. Finally, Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $91.50.

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.