West Tower Group LLC Purchases Shares of 20,000 Primoris Services Co. (NASDAQ:PRIM)

West Tower Group LLC bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 20,000 shares of the construction company's stock, valued at approximately $1,528,000. Primoris Services accounts for about 3.4% of West Tower Group LLC's investment portfolio, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRIM. QRG Capital Management Inc. boosted its position in Primoris Services by 6.1% during the fourth quarter. QRG Capital Management Inc. now owns 80,979 shares of the construction company's stock worth $6,187,000 after purchasing an additional 4,623 shares in the last quarter. Quest Partners LLC boosted its position in shares of Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock worth $943,000 after buying an additional 15,450 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in Primoris Services by 12,845.7% in the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after acquiring an additional 22,223 shares during the last quarter. Benjamin Edwards Inc. increased its holdings in Primoris Services by 40,543.8% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after acquiring an additional 6,487 shares in the last quarter. Finally, AMI Asset Management Corp raised its position in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after acquiring an additional 6,350 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research firms recently commented on PRIM. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective on the stock. Jefferies Financial Group began coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target on the stock. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Primoris Services from $88.00 to $90.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $85.00 price objective on shares of Primoris Services in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $89.14.

Insiders Place Their Bets

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the sale, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. The trade was a 56.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeremy Kinch sold 4,500 shares of the 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 transaction, the insider now owns 12,586 shares of the company's stock, valued at approximately $858,868.64. This trade represents a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,888 shares of company stock worth $4,310,043 in the last quarter. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Down 1.2 %

Shares of NASDAQ PRIM traded down $0.76 on Friday, hitting $63.68. The company had a trading volume of 1,349,939 shares, compared to its average volume of 659,343. 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 $40.66 and a 12-month high of $90.86. The firm has a market capitalization of $3.42 billion, a P/E ratio of 21.08 and a beta of 1.13. The business has a 50 day moving average of $73.22 and a two-hundred day moving average of $71.12.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 0.50%. Primoris Services's dividend payout ratio is currently 9.64%.

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.