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

Primoris Services Co. (NASDAQ:PRIM)’s stock price gapped up prior to trading on Tuesday following a dividend announcement from the company. 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.

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

Analyst Upgrades and Downgrades

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

Primoris Services Price Performance

The firm has a market cap of $3.79 billion, a P/E ratio of 23.36 and a beta of 1.14. 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 50 day moving average is $77.76 and its two-hundred day moving average is $69.72.

Insider Buying and Selling

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

Hedge Funds Weigh In On Primoris Services

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Primoris Services by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock valued at $477,112,000 after acquiring an additional 82,261 shares during the last quarter. Invesco Ltd. grew its stake in Primoris Services by 27.5% in the 4th quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock valued at $152,489,000 after purchasing an additional 430,589 shares during the period. Alliancebernstein L.P. increased its position in shares of Primoris Services by 2,302.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock valued at $101,628,000 after purchasing an additional 1,274,839 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Primoris Services by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,218,911 shares of the construction company’s stock valued at $70,810,000 after purchasing an additional 15,070 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Primoris Services by 15.8% during the 4th quarter. First Trust Advisors LP now owns 1,139,044 shares of the construction company’s stock worth $87,023,000 after purchasing an additional 155,347 shares during the period. 91.82% of the stock is currently owned by institutional investors.

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.