Freedom Day Solutions LLC Trims Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Freedom Day Solutions LLC cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,490 shares of the construction company’s stock after selling 2,050 shares during the period. Primoris Services comprises approximately 1.0% of Freedom Day Solutions LLC’s portfolio, making the stock its 21st largest position. Freedom Day Solutions LLC owned approximately 0.08% of Primoris Services worth $3,475,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alberta Investment Management Corp raised its holdings in shares of Primoris Services by 21.5% in the fourth quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company’s stock valued at $5,376,000 after buying an additional 12,475 shares during the last quarter. Convergence Investment Partners LLC raised its holdings in shares of Primoris Services by 50.7% in the fourth quarter. Convergence Investment Partners LLC now owns 24,463 shares of the construction company’s stock valued at $1,869,000 after buying an additional 8,235 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Primoris Services in the fourth quarter valued at about $143,000. Sanctuary Advisors LLC raised its holdings in shares of Primoris Services by 13.0% in the fourth quarter. Sanctuary Advisors LLC now owns 6,486 shares of the construction company’s stock valued at $500,000 after buying an additional 746 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Primoris Services by 10.5% in the fourth quarter. Principal Financial Group Inc. now owns 55,937 shares of the construction company’s stock valued at $4,274,000 after buying an additional 5,317 shares during the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on PRIM. KeyCorp began coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $77.00 to $88.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. Finally, DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $91.50.

Insiders Place Their Bets

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the sale, the director now directly owns 23,818 shares in the company, valued at $2,000,235.64. This represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.

Primoris Services Trading Down 2.4 %

Shares of PRIM opened at $70.96 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. The firm’s 50-day moving average is $78.83 and its two-hundred day moving average is $69.13. Primoris Services Co. has a twelve month low of $37.00 and a twelve month high of $90.86. The firm has a market capitalization of $3.81 billion, a P/E ratio of 23.50 and a beta of 1.14.

About Primoris Services

Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.