Primoris Services Co. $PRIM Position Boosted by Leuthold Group LLC

Leuthold Group LLC boosted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 1,350.3% during the 3rd quarter, Holdings Channel reports. The fund owned 48,947 shares of the construction company’s stock after acquiring an additional 45,572 shares during the quarter. Leuthold Group LLC’s holdings in Primoris Services were worth $6,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PRIM. First Trust Advisors LP increased its holdings in shares of Primoris Services by 56.4% during the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock valued at $142,872,000 after purchasing an additional 660,915 shares during the period. State Street Corp grew its position in Primoris Services by 2.6% in the 2nd quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after buying an additional 33,399 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Primoris Services by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock worth $99,895,000 after buying an additional 24,254 shares in the last quarter. Invesco Ltd. raised its position in shares of Primoris Services by 9.9% during the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock worth $89,008,000 after buying an additional 103,038 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Primoris Services by 80.4% in the 2nd quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock worth $50,990,000 after acquiring an additional 291,494 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 7,815 shares of the company’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 value of $1,062,840.00. Following the completion of the sale, the director owned 74,466 shares in the company, valued at approximately $10,127,376. This represents a 9.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction 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. This represents a 8.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PRIM has been the topic of several recent analyst reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Wells Fargo & Company began coverage on Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective on the stock. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Tuesday, January 13th. The Goldman Sachs Group lifted their target price on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a report on Wednesday, January 28th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.93.

Primoris Services Price Performance

NASDAQ PRIM opened at $165.35 on Thursday. 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 Co. has a 1 year low of $49.10 and a 1 year high of $171.20. The company has a market cap of $8.93 billion, a PE ratio of 54.75 and a beta of 1.37. The stock’s 50-day moving average price is $138.45 and its two-hundred day moving average price is $128.73.

About Primoris Services

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.