Primoris Services Co. $PRIM Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its position in Primoris Services Co. (NASDAQ:PRIM) by 29.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,043 shares of the construction company’s stock after selling 7,971 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Primoris Services were worth $2,615,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its position in shares of Primoris Services by 18.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 9,864 shares of the construction company’s stock worth $1,355,000 after purchasing an additional 1,558 shares during the last quarter. Balboa Wealth Partners purchased a new stake in Primoris Services in the 3rd quarter valued at $256,000. Assetmark Inc. grew its holdings in shares of Primoris Services by 9.7% in the third quarter. Assetmark Inc. now owns 953 shares of the construction company’s stock valued at $131,000 after purchasing an additional 84 shares during the period. Leuthold Group LLC increased its holdings in shares of Primoris Services by 1,350.3% during the 3rd quarter. Leuthold Group LLC now owns 48,947 shares of the construction company’s stock worth $6,722,000 after buying an additional 45,572 shares during the last quarter. Finally, Cibc World Market Inc. acquired a new stake in Primoris Services during the third quarter worth $312,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Transactions at Primoris Services

In related news, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 7,815 shares of the company’s 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 completion of the transaction, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This trade represents a 9.50% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Trading Up 2.3%

Primoris Services stock opened at $169.51 on Friday. The stock has a market cap of $9.16 billion, a PE ratio of 56.13 and a beta of 1.37. Primoris Services Co. has a 52 week low of $49.10 and a 52 week 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 stock has a 50-day moving average price of $143.26 and a 200 day moving average price of $132.15.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PRIM shares. Cantor Fitzgerald started coverage on Primoris Services in a report on Friday, January 23rd. They issued a “neutral” rating and a $160.00 price objective on the stock. Jefferies Financial Group restated a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a 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 note on Tuesday, January 13th. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Finally, KeyCorp increased their price objective on Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Primoris Services has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

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.