Primoris Services Co. (NASDAQ:PRIM – Get Rating) announced a quarterly dividend on Wednesday, May 11, reports The Wall Street Journal. Shareholders of record on Thursday, June 30 will receive a dividend of 0.06 per share from the construction company on Friday, July 15. This represents an annualized dividend of $0.24 and a dividend yield of 1.08%. The ex-date of this dividend is Wednesday, June 29.
Primoris Services has a payout ratio of 8.7%, indicating that its dividend is sufficiently covered by earnings. Research analysts expect Primoris Services to earn $2.64 per share next year, meaning the company should continue to be able to cover its annual dividend of $0.24 with a ratio of expected future payout of 9.1%.
NASDAQ:PRIM opened at $22.31 on Thursday. The company has a debt ratio of 0.60, a current ratio of 1.56 and a quick ratio of 1.56. Primoris Services has a 1 year minimum of $21.47 and a 1 year maximum of $34.02. The company has a market capitalization of $1.19 billion, a P/E ratio of 10.43 and a beta of 1.07. The stock’s fifty-day moving average price is $25.16 and its two-hundred-day moving average price is $25.29.
Primoris Services (NASDAQ:PRIM – Get Rating) last released its quarterly earnings data on Monday, May 9. The construction company reported earnings per share (EPS) of $0.01 for the quarter, missing analyst consensus estimates of $0.10 per ($0.09). Primoris Services achieved a return on equity of 14.21% and a net margin of 3.31%. The company posted revenue of $784.38 million in the quarter, compared to $799.18 million expected by analysts. In the same quarter last year, the company posted EPS of $0.32. The company’s quarterly revenue fell 4.1% year over year. On average, analysts expect Primoris Services to post earnings per share of 2.37 for the current financial year.
A number of research companies have weighed in on PRIM. StockNews.com began covering Primoris services in a research report on Thursday, March 31. They have placed a “holding” rating on the stock. Morgan Stanley lowered its price target on Primoris Services from $35.00 to $33.00 and set an “overweight” rating on the stock in a Wednesday, March 23 research report. Zacks Investment Research upgraded Primoris Services from a “hold” rating to a “sell” rating in a Tuesday, April 5 research note. Finally, DA Davidson reaffirmed a “buy” rating on Primoris Services shares in a Wednesday, March 2 research note. Two investment analysts have assigned the stock a sell rating, one has assigned a hold rating and three have assigned the company’s stock a buy rating. According to MarketBeat, Primoris Services currently has a consensus rating of “Hold” and an average price target of $30.75.
Separately, director David Lee King sold 20,000 shares of the company in a trade dated Tuesday, March 15. The stock was sold at an average price of $26.51, for a total value of $530,200.00. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. 1.40% of the shares are held by insiders of the company.
Several hedge funds have recently increased or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings of Primoris Services shares 1.4% in the first quarter. Bank of New York Mellon Corp now owns 327,802 shares of the construction company valued at $7,809,000 after buying 4,617 additional shares in the last quarter. Raymond James & Associates increased its equity stake in Primoris Services by 9.1% during the first quarter. Raymond James & Associates now owns 16,172 shares of the construction company valued at $385,000 after buying 1,345 additional shares in the last quarter. Norges Bank bought a new stock position in Primoris Services during the fourth quarter worth approximately $5,176,000. Barclays PLC increased its equity stake in Primoris Services by 54.1% during the fourth quarter. Barclays PLC now owns 72,952 shares in the construction company valued at $1,749,000 after buying a further 25,596 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in Primoris Services shares during the fourth quarter valued at approximately $1,906,000. Hedge funds and other institutional investors hold 88.35% of the company’s shares.
About Primoris services (Get an assessment)
Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables and Pipeline Services. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communication systems.
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