Primoris Services Corp (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, November 7th, Wall Street Journal reports. Stockholders of record on Monday, December 31st will be given a dividend of 0.06 per share by the construction company on Tuesday, January 15th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date of this dividend is Friday, December 28th.
Primoris Services has raised its dividend by an average of 14.9% annually over the last three years. Primoris Services has a payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Primoris Services to earn $2.10 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 11.4%.
Primoris Services stock opened at $24.19 on Thursday. Primoris Services has a 52 week low of $20.79 and a 52 week high of $28.96. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.22 billion, a PE ratio of 21.03, a price-to-earnings-growth ratio of 1.53 and a beta of 1.24.
A number of brokerages have issued reports on PRIM. BidaskClub raised Primoris Services from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research cut Primoris Services from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, ValuEngine cut Primoris Services from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Primoris Services has an average rating of “Hold” and a consensus target price of $30.75.
In other Primoris Services news, CEO David Lee King sold 7,866 shares of the company’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $25.44, for a total value of $200,111.04. Following the sale, the chief executive officer now owns 6,242 shares in the company, valued at approximately $158,796.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen C. Cook sold 1,964 shares of the company’s stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $25.00, for a total value of $49,100.00. Following the completion of the sale, the director now owns 11,897 shares in the company, valued at approximately $297,425. The disclosure for this sale can be found here. In the last ninety days, insiders sold 734,833 shares of company stock valued at $18,475,786. Insiders own 19.50% of the company’s stock.
Primoris Services Company Profile
Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services in the United States and internationally. It operates through Power, Pipeline, Utilities, and Civil segments.
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