Primoris Services Co. $PRIM Shares Acquired by Allianz Asset Management GmbH

Allianz Asset Management GmbH increased its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,831 shares of the construction company’s stock after purchasing an additional 3,320 shares during the period. Allianz Asset Management GmbH owned 0.30% of Primoris Services worth $22,499,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Trust Advisors LP increased its position in Primoris Services by 56.4% during the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after buying an additional 660,915 shares in the last quarter. State Street Corp boosted its stake in shares of Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after acquiring an additional 33,399 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Primoris Services by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after acquiring an additional 24,254 shares during the last quarter. Invesco Ltd. increased its position in 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 purchasing an additional 103,038 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in 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 valued at $50,990,000 after purchasing an additional 291,494 shares during the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Stock Up 8.7%

Shares of NASDAQ PRIM opened at $160.87 on Friday. The stock has a market capitalization of $8.69 billion, a PE ratio of 53.27 and a beta of 1.37. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average of $136.15 and a 200-day moving average of $126.94. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $161.07.

Wall Street Analyst Weigh In

Several research firms have issued reports on PRIM. Jefferies Financial Group reaffirmed a “buy” rating and set a $161.00 price target on shares of Primoris Services in a research note on Wednesday, November 5th. 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. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research note on Wednesday, January 28th. KeyCorp increased their price target on Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Mizuho set a $129.00 price objective on Primoris Services in a research report on Tuesday, October 28th. One 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $144.93.

Insider Activity

In other news, Director John P. Schauerman sold 7,815 shares of Primoris Services stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $136.00, for a total value of $1,062,840.00. Following the transaction, the director directly owned 74,466 shares of the company’s stock, valued at $10,127,376. The trade was a 9.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Lee King sold 3,500 shares of the stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $130.00, for a total transaction of $455,000.00. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,397 shares of company stock valued at $1,799,201 in the last three months. Corporate insiders own 1.40% of the company’s stock.

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.