West Tower Group LLC Makes New $1.53 Million Investment in Primoris Services Co. (NASDAQ:PRIM)

West Tower Group LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,000 shares of the construction company’s stock, valued at approximately $1,528,000. Primoris Services makes up about 3.4% of West Tower Group LLC’s portfolio, making the stock its 5th biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas bought a new position in shares of Primoris Services in the fourth quarter valued at about $27,000. Millburn Ridgefield Corp bought a new position in shares of Primoris Services in the third quarter valued at about $59,000. Farther Finance Advisors LLC raised its position in shares of 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 during the period. Principal Securities Inc. raised its position in shares of 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 during the period. Finally, TD Private Client Wealth LLC raised its position in shares of 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 during the period. 91.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Primoris Services Trading Down 1.7 %

Shares of Primoris Services stock opened at $63.53 on Wednesday. The company 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 quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12-month low of $39.79 and a 12-month high of $90.86. The firm’s 50-day moving average price is $74.06 and its two-hundred day moving average price is $71.02.

Primoris Services Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRIM shares. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Primoris Services in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price target on shares of Primoris Services from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Finally, Jefferies Financial Group started coverage on shares of Primoris Services in a research report on Tuesday, March 11th. They set a “buy” rating and a $73.00 price target on the stock. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average 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.