Renaissance Group LLC Buys Shares of 62,104 Primoris Services Co. $PRIM

Renaissance Group LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 62,104 shares of the construction company’s stock, valued at approximately $8,529,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PRIM. SBI Securities Co. Ltd. boosted its holdings in Primoris Services by 224.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares during the period. Osterweis Capital Management Inc. purchased a new position in shares of Primoris Services in the second quarter valued at approximately $34,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Primoris Services in the third quarter valued at approximately $37,000. Cullen Frost Bankers Inc. purchased a new stake in Primoris Services during the 3rd quarter worth approximately $37,000. Finally, McIlrath & Eck LLC lifted its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Cantor Fitzgerald initiated coverage on Primoris Services in a research report on Friday, January 23rd. They set a “neutral” rating and a $160.00 price objective on the stock. The Goldman Sachs Group upped their price target on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a report on Wednesday, January 28th. Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research report on Tuesday, January 13th. DA Davidson lifted their price objective on Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $144.93.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction 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 directly owned 74,466 shares of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the director owned 21,530 shares in the company, valued at $2,909,564.20. This trade represents a 8.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 13,397 shares of company stock valued at $1,799,201. 1.40% of the stock is owned by corporate insiders.

Primoris Services Trading Up 8.7%

NASDAQ:PRIM opened at $160.87 on Friday. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $161.07. The stock has a market cap of $8.69 billion, a P/E ratio of 53.27 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50-day simple moving average of $136.15 and a 200-day simple moving average of $126.94.

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.