20,000 Shares in Primoris Services Co. (NASDAQ:PRIM) Acquired by West Tower Group LLC

West Tower Group LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,000 shares of the construction company’s stock, valued at approximately $1,528,000. Primoris Services comprises about 3.4% of West Tower Group LLC’s holdings, making the stock its 5th largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of PRIM. USA Financial Formulas bought a new stake in shares of Primoris Services during the fourth quarter worth approximately $27,000. Millburn Ridgefield Corp bought a new stake in Primoris Services in the third quarter valued at approximately $59,000. Farther Finance Advisors LLC increased its stake in Primoris Services by 3,552.4% in the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company’s stock valued at $59,000 after purchasing an additional 746 shares in the last quarter. Principal Securities Inc. increased its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after purchasing an additional 343 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its stake in Primoris Services by 24.2% in the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock valued at $69,000 after purchasing an additional 230 shares in the last quarter. 91.82% of the stock is owned by institutional investors.

Primoris Services Stock Performance

Shares of PRIM opened at $63.53 on Wednesday. Primoris Services Co. has a 12 month low of $39.79 and a 12 month high of $90.86. The firm has a fifty day simple moving average of $74.06 and a 200 day simple moving average of $71.02. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.04 and a beta of 1.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Primoris Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.50%. The ex-dividend date is Monday, March 31st. Primoris Services’s payout ratio is 9.64%.

Insider Buying and Selling

In related news, Director Stephen C. Cook sold 998 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $68.00, for a total transaction of $67,864.00. Following the completion of the transaction, the director now owns 7,377 shares in the company, valued at approximately $501,636. This represents a 11.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeremy Kinch sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total transaction of $307,080.00. Following the transaction, the insider now owns 12,586 shares of the company’s stock, valued at $858,868.64. The trade was a 26.34 % decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PRIM has been the subject of several recent analyst reports. DA Davidson reaffirmed a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a research note on Tuesday, February 25th. Guggenheim started coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. Jefferies Financial Group started coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Finally, KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $89.14.

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.