American Century Companies Inc. raised its position in shares of Primoris Services Corp (NASDAQ:PRIM) by 750.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 243,431 shares of the construction company’s stock after buying an additional 214,802 shares during the quarter. American Century Companies Inc.’s holdings in Primoris Services were worth $6,619,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its position in shares of Primoris Services by 8.2% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,238 shares of the construction company’s stock valued at $106,000 after purchasing an additional 320 shares during the last quarter. First Quadrant L P CA raised its position in shares of Primoris Services by 109.4% in the 3rd quarter. First Quadrant L P CA now owns 4,356 shares of the construction company’s stock valued at $128,000 after purchasing an additional 2,276 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Primoris Services in the 3rd quarter valued at approximately $138,000. SG Americas Securities LLC purchased a new position in shares of Primoris Services in the 3rd quarter valued at approximately $152,000. Finally, Great West Life Assurance Co. Can raised its position in shares of Primoris Services by 159.1% in the 3rd quarter. Great West Life Assurance Co. Can now owns 5,985 shares of the construction company’s stock valued at $175,000 after purchasing an additional 3,675 shares during the last quarter. 69.74% of the stock is owned by institutional investors and hedge funds.
In related news, Director John P. Schauerman sold 50,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David Lee King sold 9,077 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $27.43, for a total transaction of $248,982.11. Following the completion of the transaction, the chief executive officer now owns 6,242 shares in the company, valued at approximately $171,218.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,057 shares of company stock worth $1,759,706. 24.00% of the stock is owned by corporate insiders.
Several brokerages recently commented on PRIM. Zacks Investment Research lowered shares of Primoris Services from a “hold” rating to a “strong sell” rating in a research report on Thursday, December 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Primoris Services in a research report on Tuesday, November 7th. Finally, BidaskClub lowered shares of Primoris Services from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Primoris Services presently has an average rating of “Hold” and a consensus price target of $31.67.
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Primoris Services Profile
Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers.
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