Versor Investments LP Sells 18,328 Shares of Primoris Services Co. $PRIM

Versor Investments LP trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 75.8% during the third quarter, Holdings Channel.com reports. The firm owned 5,840 shares of the construction company’s stock after selling 18,328 shares during the period. Versor Investments LP’s holdings in Primoris Services were worth $802,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PRIM. Navellier & Associates Inc. bought a new stake in Primoris Services during the 3rd quarter valued at $326,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Primoris Services during the third quarter valued at about $208,000. Alps Advisors Inc. bought a new stake in shares of Primoris Services during the third quarter worth about $1,491,000. Renaissance Group LLC acquired a new stake in shares of Primoris Services in the 3rd quarter worth about $8,529,000. Finally, Portside Wealth Group LLC lifted its position in Primoris Services by 22.0% in the 3rd quarter. Portside Wealth Group LLC now owns 4,610 shares of the construction company’s stock valued at $633,000 after acquiring an additional 830 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on PRIM shares. JPMorgan Chase & Co. reissued a “neutral” rating and set a $143.00 price objective (down from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $161.00 target price on shares of Primoris Services in a research report on Wednesday, November 5th. Needham & Company LLC reissued a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Tuesday, January 13th. Finally, Wells Fargo & Company started coverage on shares of Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.93.

Insider Transactions at Primoris Services

In other news, Director John P. Schauerman sold 7,815 shares of the stock in a transaction dated 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 sale, the director directly owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Price Performance

Primoris Services stock opened at $161.06 on Wednesday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $164.38. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 53.33 and a beta of 1.37. 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 business’s 50 day simple moving average is $137.66 and its 200 day simple moving average is $128.48.

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.