Jackson Creek Investment Advisors LLC Has $2.35 Million Stake in Primoris Services Co. $PRIM

Jackson Creek Investment Advisors LLC lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 21.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,121 shares of the construction company’s stock after selling 4,789 shares during the period. Primoris Services makes up 0.7% of Jackson Creek Investment Advisors LLC’s investment portfolio, making the stock its 19th biggest holding. Jackson Creek Investment Advisors LLC’s holdings in Primoris Services were worth $2,351,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC increased its stake in Primoris Services by 34.5% during the first quarter. NewEdge Advisors LLC now owns 757 shares of the construction company’s stock valued at $43,000 after acquiring an additional 194 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Primoris Services by 7.4% in the first quarter. Goldman Sachs Group Inc. now owns 493,594 shares of the construction company’s stock valued at $28,337,000 after purchasing an additional 33,934 shares in the last quarter. Caxton Associates LLP bought a new position in Primoris Services in the first quarter worth $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Primoris Services by 25.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 168,090 shares of the construction company’s stock worth $9,650,000 after buying an additional 33,818 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Primoris Services during the second quarter worth $368,000. 91.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson raised their price target on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Roth Mkm assumed coverage on Primoris Services in a research note on Thursday, October 9th. They issued a “buy” rating and a $170.00 price objective on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Finally, Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Stock Up 2.9%

Shares of PRIM opened at $152.58 on Tuesday. The company has a market capitalization of $8.24 billion, a P/E ratio of 50.52 and a beta of 1.36. Primoris Services Co. has a one year low of $49.10 and a one year high of $155.19. The business’s 50 day simple moving average is $134.02 and its 200-day simple moving average is $125.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings data on Monday, November 3rd. The construction company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.51. The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%.The business’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 EPS. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Insider Activity at Primoris Services

In other news, CEO David Lee King sold 3,500 shares of Primoris Services stock in a transaction on Monday, November 10th. The stock was sold at an average price of $130.00, for a total value of $455,000.00. Following the completion of the sale, the chief executive officer directly owned 21,302 shares of the company’s stock, valued at approximately $2,769,260. This trade represents a 14.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patricia K. Wagner sold 13,491 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the sale, the director owned 4,495 shares of the company’s stock, valued at approximately $562,908.85. The trade was a 75.01% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,888 shares of company stock valued at $3,488,679 over the last ninety days. Company insiders own 1.40% of the company’s stock.

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.