GSA Capital Partners LLP Makes New $1.73 Million Investment in Primoris Services Co. $PRIM

GSA Capital Partners LLP acquired a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,565 shares of the construction company’s stock, valued at approximately $1,726,000.

Several other large investors also recently made changes to their positions in PRIM. First Trust Advisors LP boosted its holdings in 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 worth $142,872,000 after acquiring an additional 660,915 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Primoris Services by 229.3% in the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after purchasing an additional 418,805 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in Primoris Services in the 3rd quarter valued at $50,071,000. Westfield Capital Management Co. LP increased its stake in Primoris Services by 80.4% during 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Primoris Services by 838.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 243,859 shares of the construction company’s stock worth $19,006,000 after buying an additional 217,873 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Primoris Services

In other news, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was 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 of the company’s stock, valued at approximately $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the firm’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 completion of the sale, the director directly owned 21,530 shares in the company, valued at $2,909,564.20. This represents 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 company insiders.

Primoris Services Stock Performance

Shares of PRIM opened at $162.48 on Wednesday. Primoris Services Co. has a 52-week low of $49.10 and a 52-week high of $174.43. The stock’s 50-day simple moving average is $141.27 and its 200 day simple moving average is $131.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $8.78 billion, a price-to-earnings ratio of 53.80 and a beta of 1.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a report on Wednesday, January 28th. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 price objective on shares of Primoris Services in a research note on Wednesday, November 5th. DA Davidson increased their price target on Primoris Services from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Tuesday, January 13th. Finally, Wells Fargo & Company began coverage on shares of Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

About Primoris Services

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.