J.W. Cole Advisors Inc. Takes Position in Primoris Services Co. $PRIM

J.W. Cole Advisors Inc. acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,689 shares of the construction company’s stock, valued at approximately $1,193,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hodges Capital Management Inc. bought a new stake in shares of Primoris Services in the 2nd quarter worth approximately $3,320,000. Federated Hermes Inc. boosted its holdings in Primoris Services by 5.8% during the second quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock worth $27,106,000 after buying an additional 18,951 shares in the last quarter. Boston Partners grew its position in Primoris Services by 14.1% in the second quarter. Boston Partners now owns 564,898 shares of the construction company’s stock worth $47,823,000 after buying an additional 69,996 shares during the last quarter. Capital Fund Management S.A. bought a new position in shares of Primoris Services in the second quarter valued at $1,283,000. Finally, Vest Financial LLC lifted its position in shares of Primoris Services by 96.9% during the 3rd quarter. Vest Financial LLC now owns 29,836 shares of the construction company’s stock valued at $4,097,000 after acquiring an additional 14,685 shares during the last quarter. Institutional investors own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRIM. Cantor Fitzgerald began coverage on Primoris Services in a report on Friday, January 23rd. They issued a “neutral” rating and a $160.00 target price on the stock. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target for the company in a research report on Tuesday, January 13th. The Goldman Sachs Group lifted their price target on Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research note on Wednesday, January 28th. Jefferies Financial Group restated a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a report on Wednesday, November 5th. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $144.93.

Primoris Services Trading Up 8.7%

Shares of NASDAQ PRIM opened at $160.87 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a one year low of $49.10 and a one year high of $161.07. The business has a 50-day moving average price of $136.15 and a two-hundred day moving average price of $127.49. The firm has a market capitalization of $8.69 billion, a PE ratio of 53.27 and a beta of 1.37.

Insider Buying and Selling at Primoris Services

In other news, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the transaction, the director directly owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John P. Schauerman sold 7,815 shares of Primoris Services stock in a transaction on 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. The trade was a 9.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.