Primoris Services Corporation to Issue Quarterly Dividend of $0.08 (NYSE:PRIM)

Primoris Services Corporation (NYSE:PRIM) announced a quarterly dividend on Tuesday, August 4th. Shareholders of record on Wednesday, September 30th will be paid a dividend of 0.08 per share on Thursday, October 15th. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, September 30th.

Primoris Services has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Primoris Services has a payout ratio of 6.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Primoris Services to earn $4.89 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 6.5%.

Primoris Services Price Performance

NYSE PRIM opened at $90.90 on Wednesday. The firm’s fifty day simple moving average is $97.56 and its two-hundred day simple moving average is $129.56. The firm has a market capitalization of $4.93 billion, a P/E ratio of 20.02 and a beta of 1.43. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.24. Primoris Services has a 12-month low of $65.00 and a 12-month high of $205.50.

Primoris Services (NYSE:PRIM) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.08. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Primoris Services had a return on equity of 16.48% and a net margin of 3.31%.The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.68 EPS. Analysts forecast that Primoris Services will post 1.87 EPS for the current fiscal year.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 20,000 shares of Primoris Services stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $119.09, for a total transaction of $2,381,800.00. Following the completion of the sale, the director owned 14,941 shares of the company’s stock, valued at approximately $1,779,323.69. The trade was a 57.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John M. Perisich sold 29,707 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $127.86, for a total value of $3,798,337.02. Following the sale, the insider owned 27,574 shares in the company, valued at approximately $3,525,611.64. The trade was a 51.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Primoris Services

Large investors have recently bought and sold shares of the company. Root Financial Partners LLC raised its position in Primoris Services by 43.1% during the 1st quarter. Root Financial Partners LLC now owns 229 shares of the company’s stock worth $33,000 after buying an additional 69 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in Primoris Services by 30.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 350 shares of the company’s stock valued at $43,000 after acquiring an additional 81 shares during the period. Covestor Ltd boosted its holdings in shares of Primoris Services by 13.4% in the 4th quarter. Covestor Ltd now owns 719 shares of the company’s stock valued at $89,000 after acquiring an additional 85 shares during the last quarter. CWM LLC boosted its holdings in shares of Primoris Services by 1.1% in the 4th quarter. CWM LLC now owns 8,970 shares of the company’s stock valued at $1,114,000 after acquiring an additional 96 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of Primoris Services by 18.6% in the fourth quarter. IFP Advisors Inc now owns 626 shares of the company’s stock worth $78,000 after acquiring an additional 98 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. It operates through three segments: Utilities, Energy/Renewables, and Pipeline Services. 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. The Energy/Renewables segment provides a range of services, including engineering, procurement, and construction, as well as retrofits, highway and bridge construction, demolition, site work, soil stabilization, mass excavation, flood control, upgrades, repairs, outages, and maintenance services to renewable energy and energy storage, renewable fuels, petroleum, refining, and petrochemical industries, as well as state departments of transportation.