Primoris Services Co. (NASDAQ:PRIM) to Issue $0.06 Quarterly Dividend

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, August 7th, Wall Street Journal reports. Investors of record on Friday, September 27th will be paid a dividend of 0.06 per share by the construction company on Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date is Friday, September 27th.

Primoris Services has a dividend payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $3.29 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 7.3%.

Primoris Services Trading Down 1.1 %

NASDAQ PRIM traded down $0.57 during trading on Wednesday, reaching $50.35. 673,668 shares of the stock traded hands, compared to its average volume of 576,224. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 18.89 and a beta of 1.08. The stock’s 50-day moving average price is $52.52 and its 200 day moving average price is $46.06. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.69. Primoris Services has a fifty-two week low of $28.96 and a fifty-two week high of $57.72.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings results on Monday, August 5th. The construction company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The company had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Primoris Services had a net margin of 2.45% and a return on equity of 14.13%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.80 earnings per share. Analysts predict that Primoris Services will post 2.67 EPS for the current year.

Insider Activity

In other news, Director David Lee King sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $52.86, for a total value of $132,150.00. Following the completion of the transaction, the director now owns 27,517 shares in the company, valued at $1,454,548.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Carla S. Mashinski sold 3,883 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total value of $209,371.36. Following the sale, the director now owns 20,454 shares of the company’s stock, valued at $1,102,879.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David Lee King sold 2,500 shares of the business’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $52.86, for a total transaction of $132,150.00. Following the completion of the sale, the director now directly owns 27,517 shares in the company, valued at approximately $1,454,548.62. The disclosure for this sale can be found here. Insiders sold 54,831 shares of company stock worth $2,807,646 over the last quarter. 1.40% of the stock is currently owned by company insiders.

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.