Primoris Services Co. (PRIM) To Go Ex-Dividend on September 30th

Primoris Services Co. (NASDAQ:PRIM) declared a quarterly dividend on Wednesday, July 30th, Wall Street Journal reports. Stockholders 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) dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 30th.

Primoris Services has a payout ratio of 6.4% indicating that 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 3.0%

Shares of Primoris Services stock opened at $133.70 on Friday. Primoris Services has a 52-week low of $49.10 and a 52-week high of $135.73. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The company’s 50-day simple moving average is $112.29 and its 200-day simple moving average is $84.30. The firm has a market cap of $7.22 billion, a price-to-earnings ratio of 44.27 and a beta of 1.42.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business posted $1.04 earnings per share. The business’s revenue was up 20.9% compared to the same quarter last year. Primoris Services has set its FY 2025 guidance at 4.900-5.100 EPS. As a group, equities research analysts anticipate that Primoris Services will post 3.26 earnings per share for the current year.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, COO Jeremy Kinch sold 3,006 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $124.00, for a total value of $372,744.00. Following the sale, the chief operating officer owned 9,580 shares of the company’s stock, valued at $1,187,920. This represents a 23.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Ching sold 2,935 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $119.89, for a total transaction of $351,877.15. Following the completion of the sale, the director directly owned 9,534 shares in the company, valued at $1,143,031.26. This trade represents a 23.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,941 shares of company stock valued at $3,004,821 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

Institutional Trading of Primoris Services

Several institutional investors and hedge funds have recently modified their holdings of PRIM. Versant Capital Management Inc lifted its holdings in shares of 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 purchasing an additional 347 shares in the last quarter. Brooklyn Investment Group lifted its stake in shares of Primoris Services by 3,626.7% during the first quarter. Brooklyn Investment Group now owns 559 shares of the construction company’s stock valued at $32,000 after buying an additional 544 shares during the period. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services during the second quarter valued at approximately $34,000. Public Employees Retirement System of Ohio lifted its stake in shares of Primoris Services by 85.4% during the second quarter. Public Employees Retirement System of Ohio now owns 484 shares of the construction company’s stock valued at $38,000 after buying an additional 223 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Primoris Services by 6,687.5% during the second quarter. Parallel Advisors LLC now owns 543 shares of the construction company’s stock valued at $42,000 after buying an additional 535 shares during the period. 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 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.