Primoris Services Co. (NASDAQ:PRIM) Announces Dividend Increase – $0.08 Per Share

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, November 6th, Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.08 per share by the construction company on Wednesday, January 15th. This represents a $0.32 annualized dividend and a dividend 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 dividend payout ratio of 8.3% indicating that its dividend is sufficiently covered by earnings. Equities research 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 during mid-day trading on Wednesday, hitting $77.08. 2,242,779 shares of the stock traded hands, compared to its average volume of 574,758. The business’s 50-day moving average price is $58.58 and its 200 day moving average price is $54.14. The company has a market cap of $4.14 billion, a PE ratio of 25.01 and a beta of 1.05. Primoris Services has a 12-month low of $29.14 and a 12-month high of $78.53. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.65.

Primoris Services (NASDAQ:PRIM) last announced its 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 business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business posted $1.02 earnings per share. Primoris Services’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, analysts expect that Primoris Services will post 3.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 25,000 shares of the company’s stock in a transaction dated 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 owns 162,281 shares in the company, valued at $8,771,288.05. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Primoris Services news, insider John M. Perisich sold 4,391 shares of the company’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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 25,000 shares of the company’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 transaction, the director now owns 162,281 shares in the company, valued at $8,771,288.05. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,391 shares of company stock worth $3,075,454 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRIM shares. The Goldman Sachs Group boosted their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday. DA Davidson boosted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. 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 on the stock. Finally, UBS Group upped their target price 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.