Primoris Services Corp (NASDAQ:PRIM) Declares $0.06 Quarterly Dividend

Primoris Services Corp (NASDAQ:PRIM) announced a quarterly dividend on Friday, August 2nd, NASDAQ reports. Investors of record on Monday, September 30th will be given a dividend of 0.06 per share by the construction company on Tuesday, October 15th. This represents a $0.24 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, September 27th.

Primoris Services has increased its dividend by an average of 8.1% annually over the last three years. Primoris Services has a dividend payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Primoris Services to earn $2.34 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 10.3%.

Shares of NASDAQ PRIM traded up $0.52 during mid-day trading on Wednesday, hitting $19.77. The company had a trading volume of 213,670 shares, compared to its average volume of 172,621. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.42 and a quick ratio of 1.42. The business’s 50-day simple moving average is $19.67 and its 200-day simple moving average is $20.41. Primoris Services has a 12 month low of $17.80 and a 12 month high of $25.20. The firm has a market cap of $1.01 billion, a P/E ratio of 11.63 and a beta of 1.44.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Tuesday, August 6th. The construction company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. Primoris Services had a net margin of 2.62% and a return on equity of 13.95%. The business had revenue of $789.90 million during the quarter, compared to analysts’ expectations of $749.23 million. During the same quarter last year, the company earned $0.31 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. As a group, sell-side analysts predict that Primoris Services will post 1.69 EPS for the current year.

Several equities research analysts recently weighed in on PRIM shares. BidaskClub upgraded shares of Primoris Services from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 12th. Zacks Investment Research upgraded shares of Primoris Services from a “sell” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday.

In related news, Director Brian Pratt sold 206,439 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $20.44, for a total value of $4,219,613.16. Following the completion of the transaction, the director now owns 2,007,679 shares of the company’s stock, valued at $41,036,958.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen C. Cook sold 2,349 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $20.92, for a total transaction of $49,141.08. Following the completion of the transaction, the director now directly owns 14,172 shares of the company’s stock, valued at approximately $296,478.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,787 shares of company stock valued at $10,065,268. 13.80% of the stock is owned by corporate insiders.

About Primoris Services

Primoris Services Corporation, a specialty contractor and infrastructure company, provides a range of construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through five segments: Power, Industrial, and Engineering; Pipeline and Underground; Utilities and Distribution; Transmission and Distribution; and Civil.

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Dividend History for Primoris Services (NASDAQ:PRIM)

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