Primoris Services Co. (PRIM) To Go Ex-Dividend on March 31st

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 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Monday, March 31st.

Primoris Services has increased its dividend payment by an average of 2.7% annually over the last three years. Primoris Services has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

Shares of PRIM stock opened at $57.27 on Friday. 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 business’s fifty day moving average is $71.07 and its 200 day moving average is $71.38. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 18.96 and a beta of 1.13. Primoris Services has a twelve month low of $40.74 and a twelve month high of $90.86.

Wall Street Analysts Forecast Growth

PRIM has been the topic of several recent research reports. DA Davidson restated a “buy” rating and issued a $85.00 price target on shares of Primoris Services in a research note on Tuesday, February 25th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. KeyCorp initiated coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. Jefferies Financial Group started coverage on Primoris Services in a research note on Tuesday, March 11th. They set a “buy” rating and a $73.00 target price on the stock. Finally, Guggenheim assumed coverage on Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Primoris Services has a consensus rating of “Buy” and an average price target of $89.14.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the transaction, the insider now owns 12,586 shares of the company’s stock, valued at approximately $858,868.64. This represents a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen C. Cook sold 998 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the sale, the director now directly owns 7,377 shares of the company’s stock, valued at $501,636. The trade was a 11.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,888 shares of company stock worth $4,310,043. Insiders own 1.40% of the company’s stock.

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.