LSV Asset Management Lowers Position in Primoris Services Co. $PRIM

LSV Asset Management cut its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 16.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 236,200 shares of the construction company’s stock after selling 45,139 shares during the period. LSV Asset Management owned about 0.44% of Primoris Services worth $32,437,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First Trust Advisors LP raised 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 valued at $142,872,000 after purchasing an additional 660,915 shares during the last quarter. State Street Corp increased its stake in Primoris Services by 2.6% in the 2nd quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after buying an additional 33,399 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 24,254 shares in the last quarter. Invesco Ltd. lifted its position in shares of Primoris Services by 9.9% during the 2nd quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock worth $89,008,000 after buying an additional 103,038 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in shares of 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 buying an additional 291,494 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on PRIM shares. The Goldman Sachs Group increased their price target on Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research report on Wednesday, January 28th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $143.00 price objective (down previously from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Cantor Fitzgerald started coverage on Primoris Services in a research note on Friday, January 23rd. They set a “neutral” rating and a $160.00 target price on the stock. Finally, KeyCorp increased their price target on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $144.93.

Insider Activity

In other Primoris Services 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 transaction of $1,062,840.00. Following the completion of the transaction, the director owned 74,466 shares in the company, valued at $10,127,376. This trade represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at $2,909,564.20. The trade was a 8.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.40% of the stock is owned by corporate insiders.

Primoris Services Stock Up 1.8%

Shares of NASDAQ PRIM opened at $166.38 on Friday. Primoris Services Co. has a one year low of $49.10 and a one year high of $174.43. 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 business’s fifty day moving average price is $140.02 and its 200-day moving average price is $129.49. The stock has a market capitalization 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.