Truist Financial Corp Invests $466,000 in Primoris Services Co. $PRIM

Truist Financial Corp purchased a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the 3rd quarter, Holdings Channel reports. The fund purchased 3,390 shares of the construction company’s stock, valued at approximately $466,000.

Other hedge funds have also added to or reduced their stakes in the company. Osterweis Capital Management Inc. acquired a new stake in Primoris Services in the second quarter worth about $34,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Primoris Services in the 3rd quarter valued at about $37,000. Cullen Frost Bankers Inc. bought a new position in shares of Primoris Services in the 3rd quarter valued at about $37,000. McIlrath & Eck LLC grew its position in shares of Primoris Services by 109.8% during the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock worth $38,000 after buying an additional 145 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock worth $43,000 after buying an additional 194 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PRIM shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $143.00 price objective (down from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. The Goldman Sachs Group upped their target price on shares of Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research report on Wednesday, January 28th. KeyCorp raised their price target on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, January 13th. Finally, Cantor Fitzgerald began coverage on Primoris Services in a research note on Friday, January 23rd. They issued a “neutral” rating and a $160.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.93.

Insider Activity

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

Primoris Services Stock Performance

PRIM stock opened at $163.56 on Friday. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $174.43. 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 firm has a market cap of $8.84 billion, a PE ratio of 54.16 and a beta of 1.37. The business’s 50-day moving average price is $139.20 and its two-hundred day moving average price is $128.98.

Primoris Services Company 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.