Vanguard Group Inc. Decreases Stock Holdings in Primoris Services Co. $PRIM

Vanguard Group Inc. reduced its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,013,274 shares of the construction company’s stock after selling 202,438 shares during the period. Vanguard Group Inc. owned 11.13% of Primoris Services worth $825,803,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Uncommon Cents Investing LLC boosted its stake in Primoris Services by 2.1% during the third quarter. Uncommon Cents Investing LLC now owns 3,900 shares of the construction company’s stock worth $536,000 after buying an additional 80 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Primoris Services by 9.7% during the 3rd quarter. Assetmark Inc. now owns 953 shares of the construction company’s stock worth $131,000 after acquiring an additional 84 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Primoris Services by 2.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,528 shares of the construction company’s stock worth $431,000 after acquiring an additional 121 shares during the period. Oliver Luxxe Assets LLC boosted its position in shares of Primoris Services by 0.4% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 32,308 shares of the construction company’s stock valued at $4,437,000 after acquiring an additional 124 shares during the last quarter. Finally, Ethic Inc. grew its holdings in shares of Primoris Services by 4.3% in the third quarter. Ethic Inc. now owns 3,163 shares of the construction company’s stock valued at $434,000 after purchasing an additional 131 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a report on Wednesday, January 28th. Wells Fargo & Company assumed coverage on Primoris Services in a report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research report on Wednesday, November 5th. Mizuho set a $129.00 target price on Primoris Services in a research note on Tuesday, October 28th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

Insider Activity

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the transaction, the director directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. The trade was a 8.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $136.00, for a total transaction of $1,062,840.00. Following the completion of the transaction, the director directly owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. The trade was a 9.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 2.3%

Shares of NASDAQ PRIM opened at $169.51 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $9.16 billion, a PE ratio of 56.13 and a beta of 1.37. Primoris Services Co. has a twelve month low of $49.10 and a twelve month high of $174.43. The stock has a fifty day simple moving average of $143.26 and a 200-day simple moving average of $132.31.

Primoris Services Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.