Primoris Services (NASDAQ:PRIM) Shares Gap Up Following Dividend Announcement

Primoris Services Co. (NASDAQ:PRIM)’s stock price gapped up prior to trading on Tuesday after the company announced a dividend. The stock had previously closed at $64.32, but opened at $68.31. Primoris Services shares last traded at $67.11, with a volume of 244,186 shares changing hands.

The newly announced dividend which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Primoris Services’s dividend payout ratio (DPR) is presently 10.60%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective on the stock. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price for the company. DA Davidson restated a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a research report on Tuesday. Finally, UBS Group upped their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Primoris Services presently has an average rating of “Buy” and a consensus price target of $91.50.

Primoris Services Price Performance

The stock has a market capitalization of $3.79 billion, a P/E ratio of 23.36 and a beta of 1.14. The firm has a fifty day moving average price of $77.76 and a two-hundred day moving average price of $69.72. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. purchased a new stake in Primoris Services in the 4th quarter worth approximately $226,000. Armis Advisers LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth $441,000. Mackenzie Financial Corp raised its position in shares of Primoris Services by 138.2% during the 4th quarter. Mackenzie Financial Corp now owns 30,026 shares of the construction company’s stock valued at $2,294,000 after purchasing an additional 17,421 shares during the period. Castleark Management LLC purchased a new position in shares of Primoris Services during the 4th quarter valued at $6,201,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Primoris Services by 11.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 134,272 shares of the construction company’s stock worth $10,258,000 after buying an additional 14,032 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

About Primoris Services

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.