Primoris Services Co. $PRIM Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 40.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,967 shares of the construction company’s stock after acquiring an additional 18,614 shares during the period. Envestnet Asset Management Inc. owned about 0.12% of Primoris Services worth $8,922,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PRIM. Cullen Frost Bankers Inc. purchased a new position in Primoris Services in the third quarter valued at about $37,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Primoris Services in the 3rd quarter valued at approximately $37,000. McIlrath & Eck LLC boosted its stake in shares of Primoris Services by 109.8% during the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after buying an additional 145 shares during the last quarter. Richardson Financial Services Inc. grew its position in shares of Primoris Services by 163.1% during the third quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after buying an additional 199 shares in the last quarter. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Primoris Services in the second quarter worth $34,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 7,815 shares of the firm’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 $10,127,376. This trade represents a 9.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the transaction, the director owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is currently owned by insiders.

Primoris Services Stock Up 3.5%

Primoris Services stock opened at $166.00 on Friday. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $174.43. The stock has a market cap of $8.97 billion, a price-to-earnings ratio of 54.97 and a beta of 1.37. The company’s 50-day moving average price is $142.39 and its two-hundred day moving average price is $131.46. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

Analyst Ratings Changes

Several research analysts have weighed in on PRIM shares. The Goldman Sachs Group raised their price objective 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. Needham & Company LLC reiterated a “buy” rating on shares of Primoris Services in a research note on Wednesday, November 5th. Wells Fargo & Company began coverage on Primoris Services in a report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price objective for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a report on Monday, December 8th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given 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 a consensus target price of $144.93.

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.