HighTower Advisors LLC Buys 268 Shares of Primoris Services Co. (NASDAQ:PRIM)

HighTower Advisors LLC increased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,317 shares of the construction company’s stock after purchasing an additional 268 shares during the period. HighTower Advisors LLC’s holdings in Primoris Services were worth $406,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. USA Financial Formulas purchased a new position in shares of Primoris Services during the fourth quarter valued at approximately $27,000. Millburn Ridgefield Corp bought a new stake in Primoris Services during the third quarter valued at $59,000. Principal Securities Inc. lifted its holdings in shares of Primoris Services by 63.2% during the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock worth $68,000 after acquiring an additional 343 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Primoris Services by 24.2% in the 3rd 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. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Primoris Services in the fourth quarter worth approximately $97,000. 91.82% of the stock is owned by institutional investors.

Insider Activity at Primoris Services

In other Primoris Services news, CEO Thomas Edward Mccormick sold 61,390 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were 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 owns 46,796 shares of the company’s stock, valued at approximately $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 at this link. Also, insider Jeremy Kinch sold 4,500 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 12,586 shares in the company, valued at approximately $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,888 shares of company stock valued at $4,310,043 over the last 90 days. Insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

PRIM opened at $57.39 on Tuesday. The firm has a market capitalization of $3.08 billion, a PE ratio of 19.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day moving average is $70.52 and its two-hundred day moving average is $71.69. Primoris Services Co. has a 1 year low of $40.74 and a 1 year high of $90.86.

Primoris Services Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 annualized dividend and a dividend yield of 0.56%. Primoris Services’s dividend payout ratio (DPR) is presently 9.64%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price objective on the stock. KeyCorp initiated coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 target price on the stock. DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Guggenheim began 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. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Primoris Services has a consensus rating of “Buy” and a consensus target price 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.