Primoris Services Co. Announces Quarterly Dividend of $0.06 (NASDAQ:PRIM)

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Monday, August 5th, Wall Street Journal reports. Shareholders of record on Friday, September 27th will be given 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 0.41%. The ex-dividend date is Friday, September 27th.

Primoris Services has a dividend payout ratio of 6.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $3.41 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 7.0%.

Primoris Services Price Performance

Shares of PRIM stock opened at $58.08 on Thursday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a market cap of $3.12 billion, a P/E ratio of 21.92 and a beta of 1.07. The business’s 50 day moving average price is $53.95 and its 200-day moving average price is $50.28. Primoris Services has a fifty-two week low of $28.96 and a fifty-two week high of $60.26.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, August 5th. The construction company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. Primoris Services had a net margin of 2.56% and a return on equity of 14.81%. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $0.80 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that Primoris Services will post 2.82 earnings per share for the current year.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the sale, the director now directly owns 137,281 shares of the company’s stock, valued at approximately $8,133,899.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider John M. Perisich sold 4,391 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.33, for a total value of $242,954.03. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director John P. Schauerman sold 25,000 shares of Primoris Services stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $59.25, for a total transaction of $1,481,250.00. Following the transaction, the director now directly owns 137,281 shares of the company’s stock, valued at $8,133,899.25. The disclosure for this sale can be found here. Insiders sold a total of 54,391 shares of company stock valued at $3,075,454 over the last three months. Corporate insiders own 1.40% of the company’s stock.

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.