Primoris Services Corp. Trading Up 4.4% After Dividend Announcement (PRIM)
Primoris Services Corp. (NASDAQ:PRIM) shares were up 4.4% during mid-day trading on Thursday following a dividend announcement from the company, ARN reports. The company traded as high as $25.73 and last traded at $25.29, with a volume of 547,170 shares traded. The stock had previously closed at $24.22.
The newly announced dividend is scheduled for Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.66%.
PRIM has been the subject of a number of recent research reports. Analysts at DA Davidson cut their price target on shares of Primoris Services Corp. from $32.00 to $31.00 in a research note on Thursday, July 3rd. They now have a “neutral” rating on the stock. Analysts at Global Hunter Securities initiated coverage on shares of Primoris Services Corp. in a research note on Thursday, June 19th. They set an “accumulate” rating and a $34.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Primoris Services Corp. currently has a consensus rating of “Hold” and an average price target of $33.50.
The stock’s 50-day moving average is $26.6 and its 200-day moving average is $29.2. The company has a market cap of $1.390 billion and a P/E ratio of 17.69.
Primoris Services Corp. (NASDAQ:PRIM) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. The company had revenue of $515.00 million for the quarter, compared to the consensus estimate of $503.10 million. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, analysts predict that Primoris Services Corp. will post $1.55 earnings per share for the current fiscal year.
Primoris Services Corporation (NASDAQ:PRIM) is a holding company of various subsidiaries, which form specialty contractors and infrastructure companies in the United States.
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