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

Primoris Services Co. (NASDAQ:PRIM) announced a quarterly dividend on Wednesday, August 7th, Wall Street Journal reports. Stockholders 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 dividend yield of 0.48%. The ex-dividend date of this dividend is Friday, September 27th.

Primoris Services has a payout ratio of 6.5% meaning its dividend is sufficiently covered by earnings. 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 Stock Down 1.1 %

Primoris Services stock traded down $0.57 during trading on Wednesday, reaching $50.35. 673,668 shares of the company’s stock were exchanged, compared to its average volume of 576,224. The company’s 50-day moving average is $52.52 and its two-hundred day moving average is $46.06. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services has a 52-week low of $28.96 and a 52-week high of $57.72. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 18.89 and a beta of 1.08.

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

Insider Buying and Selling

In other Primoris Services news, Director Carla S. Mashinski sold 3,883 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total value of $209,371.36. Following the completion of the transaction, the director now directly owns 20,454 shares of the company’s stock, valued at approximately $1,102,879.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider John M. Perisich sold 13,448 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $49.34, for a total value of $663,524.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Carla S. Mashinski sold 3,883 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $53.92, for a total transaction of $209,371.36. Following the completion of the sale, the director now owns 20,454 shares in the company, valued at approximately $1,102,879.68. The disclosure for this sale can be found here. In the last three months, insiders sold 54,831 shares of company stock valued at $2,807,646. Company 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.