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

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

Primoris Services has raised its dividend 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% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Down 1.0%

Shares of NYSE PRIM opened at $89.95 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 1.28. Primoris Services has a 1 year low of $65.00 and a 1 year high of $205.50. The stock has a market capitalization of $4.88 billion, a P/E ratio of 19.81 and a beta of 1.43. The company has a 50-day moving average price of $97.56 and a 200-day moving average price of $129.56.

Primoris Services (NYSE:PRIM) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.08. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Primoris Services had a net margin of 3.31% and a return on equity of 16.48%. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 EPS. On average, equities research analysts forecast that Primoris Services will post 1.87 EPS for the current fiscal year.

Insider Activity at Primoris Services

In other news, Director David Lee King sold 20,000 shares of the company’s stock in a transaction on 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 transaction, the director owned 14,941 shares of the company’s stock, valued at $1,779,323.69. This represents a 57.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John M. Perisich sold 29,707 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $127.86, for a total value of $3,798,337.02. Following the transaction, the insider owned 27,574 shares of the company’s stock, valued at $3,525,611.64. The trade was a 51.86% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primoris Services

Several large investors have recently modified their holdings of PRIM. NewEdge Advisors LLC boosted its holdings in Primoris Services by 34.5% in the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the company’s stock worth $43,000 after buying an additional 194 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the company’s stock worth $28,337,000 after acquiring an additional 33,934 shares during the period. Caxton Associates LLP purchased a new position in shares of Primoris Services in the first quarter valued at $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Primoris Services by 25.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the company’s stock valued at $9,650,000 after purchasing an additional 33,818 shares during the period. Finally, M&T Bank Corp purchased a new stake in Primoris Services during the 2nd quarter worth about $274,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Company Profile

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.