LSV Asset Management Reduces Stake in Primoris Services Co. $PRIM

LSV Asset Management lowered its stake in Primoris Services Co. (NASDAQ:PRIM) by 16.0% in the 3rd quarter, Holdings Channel reports. The firm owned 236,200 shares of the construction company’s stock after selling 45,139 shares during the quarter. LSV Asset Management’s holdings in Primoris Services were worth $32,437,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. First Trust Advisors LP lifted its holdings in shares of Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after buying an additional 660,915 shares in the last quarter. State Street Corp grew its stake in Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after acquiring an additional 33,399 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 acquiring an additional 24,254 shares during the period. Invesco Ltd. lifted its stake in Primoris Services by 9.9% in the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock worth $89,008,000 after purchasing an additional 103,038 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in 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 purchasing an additional 291,494 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the transaction, the director directly owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was 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 of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their position. The SEC filing for this sale provides additional information. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PRIM shares. Mizuho set a $129.00 price target on shares of Primoris Services in a research report on Tuesday, October 28th. JPMorgan Chase & Co. restated a “neutral” rating and set a $143.00 target price (down from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Cantor Fitzgerald initiated coverage on Primoris Services in a research note on Friday, January 23rd. They issued a “neutral” rating and a $160.00 target price on the stock. The Goldman Sachs Group raised their price target on Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a report on Wednesday, January 28th. Finally, Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.93.

Primoris Services Stock Up 1.8%

PRIM opened at $166.38 on Friday. The business’s fifty day simple moving average is $140.02 and its 200 day simple moving average is $129.49. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $174.43. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $8.99 billion, a PE ratio of 55.09 and a beta of 1.37.

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.