Primoris Services Co. Plans Quarterly Dividend of $0.08 (NASDAQ:PRIM)

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. Shareholders of record on Tuesday, September 30th will be paid a dividend of 0.08 per share by the construction company on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 30th.

Primoris Services has a payout ratio of 6.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Up 16.5%

NASDAQ PRIM traded up $15.40 during mid-day trading on Tuesday, reaching $108.49. 2,699,297 shares of the stock were exchanged, compared to its average volume of 931,449. Primoris Services has a 1-year low of $47.47 and a 1-year high of $112.98. The business's fifty day simple moving average is $81.27 and its 200 day simple moving average is $72.20. The stock has a market capitalization of $5.86 billion, a PE ratio of 35.92 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc lifted its stake in Primoris Services by 294.1% in the first quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after buying an additional 347 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Primoris Services by 85.4% in the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company's stock valued at $38,000 after purchasing an additional 223 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Primoris Services by 6,687.5% in the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company's stock valued at $42,000 after purchasing an additional 535 shares during the last quarter. Brooklyn Investment Group increased its holdings in Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company's stock worth $32,000 after buying an additional 544 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company's stock worth $43,000 after buying an additional 194 shares during the last quarter. Institutional investors 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.

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