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

Shares of Primoris Services Co. (NASDAQ:PRIM) gapped up before the market opened 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 changing hands.

The newly announced dividend which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.47%. Primoris Services’s payout ratio is 10.60%.

Analyst Ratings Changes

Several analysts recently weighed in on PRIM shares. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. The Goldman Sachs Group raised their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson lifted their price objective on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, UBS Group boosted their price target 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. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $91.50.

Primoris Services Price Performance

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 stock has a fifty day moving average of $77.96 and a 200-day moving average of $69.59. The stock has a market capitalization of $3.62 billion, a price-to-earnings ratio of 22.49 and a beta of 1.14.

Insider Buying and Selling

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primoris Services

A number of institutional investors and hedge funds have recently made changes to their positions in PRIM. Vanguard Group Inc. boosted its position in shares of Primoris Services by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,244,920 shares of the construction company’s stock worth $477,112,000 after buying an additional 82,261 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Primoris Services by 27.5% in the fourth quarter. Invesco Ltd. now owns 1,995,923 shares of the construction company’s stock worth $152,489,000 after acquiring an additional 430,589 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Primoris Services by 2,302.4% in the 4th quarter. Alliancebernstein L.P. now owns 1,330,210 shares of the construction company’s stock worth $101,628,000 after acquiring an additional 1,274,839 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Primoris Services by 1.3% in 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 buying an additional 15,070 shares during the period. Finally, First Trust Advisors LP grew its stake in 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 buying an additional 155,347 shares during the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

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.