Primoris Services Co. (NASDAQ:PRIM) to Issue $0.08 Quarterly Dividend

Key Points

• Primoris Services Co. announced a quarterly dividend of $0.08 per share, payable on October 15th, to shareholders of record as of September 30th, representing a yield of 0.3%.
• The company reported $1.68 earnings per share for the last quarter, exceeding estimates by $0.58, with revenue showing a year-over-year increase of 20.9%.
• Institutional investors own 91.82% of Primoris Services, with notable increases in holdings from various funds, indicating strong interest in the company's stock.

Primoris Services Co. (NASDAQ:PRIM - Get Free Report) declared a quarterly dividend on Tuesday, August 5th, Wall Street Journal reports. Stockholders of record on Tuesday, September 30th will be given a dividend of 0.08 per share by the construction company on Wednesday, October 15th. This represents a c) annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, September 30th.

Primoris Services has a dividend payout ratio of 6.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Primoris Services to earn $4.05 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 7.9%.

Primoris Services Stock Up 0.0%

Shares of NASDAQ:PRIM traded up $0.05 during trading on Friday, hitting $111.17. 763,366 shares of the company's stock traded hands, compared to its average volume of 937,302. Primoris Services has a 52 week low of $48.33 and a 52 week high of $113.47. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 36.81 and a beta of 1.44. The company has a 50-day moving average price of $84.32 and a 200-day moving average price of $72.94.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, beating the consensus estimate of $1.10 by $0.58. The firm had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.69 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.04 EPS. As a group, research analysts forecast that Primoris Services will post 3.26 EPS for the current fiscal year.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the transaction, the director owned 102,281 shares of the company's stock, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc increased its holdings in shares of Primoris Services by 294.1% during the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock worth $27,000 after acquiring an additional 347 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Primoris Services by 3,626.7% during the 1st quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after acquiring an additional 544 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Primoris Services by 85.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock worth $38,000 after acquiring an additional 223 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Primoris Services by 6,687.5% during the 2nd quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock worth $42,000 after acquiring an additional 535 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Primoris Services by 34.5% during the 1st quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after acquiring an additional 194 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

About Primoris Services

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.