Primoris Services Corp (NASDAQ:PRIM) announced a quarterly dividend on Friday, August 2nd, NASDAQ reports. Investors of record on Monday, September 30th will be given a dividend of 0.06 per share by the construction company on Tuesday, October 15th. This represents a $0.24 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, September 27th.
Primoris Services has increased its dividend by an average of 8.1% annually over the last three years. Primoris Services has a dividend payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $2.34 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 10.3%.
Shares of NASDAQ PRIM traded up $0.52 during mid-day trading on Wednesday, hitting $19.77. The company had a trading volume of 213,670 shares, compared to its average volume of 172,621. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.42. The business’s 50-day simple moving average is $19.67 and its 200-day simple moving average is $20.41. Primoris Services has a 12 month low of $17.80 and a 12 month high of $25.20. The firm has a market cap of $1.01 billion, a P/E ratio of 11.63 and a beta of 1.44.
Several equities research analysts recently weighed in on PRIM shares. BidaskClub upgraded shares of Primoris Services from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. Zacks Investment Research upgraded shares of Primoris Services from a “sell” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday.
In related news, Director Brian Pratt sold 206,439 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $20.44, for a total value of $4,219,613.16. Following the completion of the transaction, the director now owns 2,007,679 shares of the company’s stock, valued at $41,036,958.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 2,349 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.92, for a total transaction of $49,141.08. Following the completion of the transaction, the director now directly owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,787 shares of company stock valued at $10,065,268. 13.80% of the stock is owned by corporate insiders.
About Primoris Services
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.
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