Renaissance Group LLC Invests $8.53 Million in Primoris Services Co. $PRIM

Renaissance Group LLC bought a new stake in Primoris Services Co. (NASDAQ:PRIM) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 62,104 shares of the construction company’s stock, valued at approximately $8,529,000. Renaissance Group LLC owned 0.11% of Primoris Services at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRIM. Hodges Capital Management Inc. purchased a new stake in Primoris Services during the 2nd quarter worth approximately $3,320,000. Federated Hermes Inc. lifted its position in shares of Primoris Services by 5.8% in the second quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock valued at $27,106,000 after acquiring an additional 18,951 shares in the last quarter. Boston Partners boosted its stake in shares of Primoris Services by 14.1% in the second quarter. Boston Partners now owns 564,898 shares of the construction company’s stock worth $47,823,000 after acquiring an additional 69,996 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of Primoris Services in the second quarter worth approximately $1,283,000. Finally, Vest Financial LLC increased its position in shares of Primoris Services by 96.9% during the third quarter. Vest Financial LLC now owns 29,836 shares of the construction company’s stock worth $4,097,000 after purchasing an additional 14,685 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Performance

NASDAQ:PRIM opened at $160.87 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 53.27 and a beta of 1.37. The company’s 50-day moving average is $136.15 and its two-hundred day moving average is $126.94. Primoris Services Co. has a 1-year low of $49.10 and a 1-year high of $161.07.

Analysts Set New Price Targets

PRIM has been the topic of a number of research reports. KeyCorp raised 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. DA Davidson increased their target price on shares of Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Jefferies Financial Group restated a “buy” rating and set a $161.00 price target on shares of Primoris Services in a research report on Wednesday, November 5th. Wells Fargo & Company initiated coverage on shares of Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 price objective for the company. Finally, Guggenheim raised shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price on the stock in a research note on Tuesday, January 13th. One research 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 issued a Sell rating to the stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $144.93.

Insider Buying and Selling at Primoris Services

In related news, Director Carla S. Mashinski sold 2,082 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $2,909,564.20. The trade was a 8.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Schauerman sold 7,815 shares of the 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,397 shares of company stock worth $1,799,201 over the last quarter. 1.40% of the stock is currently owned by company insiders.

Primoris Services 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.