Dana Investment Advisors Inc. Sells 53,027 Shares of Primoris Services Co. $PRIM

Dana Investment Advisors Inc. decreased its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 33.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 106,288 shares of the construction company’s stock after selling 53,027 shares during the quarter. Dana Investment Advisors Inc. owned approximately 0.20% of Primoris Services worth $14,597,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. 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 purchasing an additional 660,915 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Primoris Services by 229.3% during the 2nd quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock worth $46,880,000 after acquiring an additional 418,805 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Primoris Services during the 3rd quarter valued at about $50,071,000. Westfield Capital Management Co. LP increased its holdings in shares of 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 acquiring an additional 291,494 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Primoris Services by 838.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 243,859 shares of the construction company’s stock valued at $19,006,000 after acquiring an additional 217,873 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Primoris Services in a research report on Friday, November 14th. They set an “equal weight” rating and a $138.00 target price for the company. DA Davidson boosted their price objective 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. KeyCorp upped their price objective on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Guggenheim upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price on the stock in a report on Tuesday, January 13th. Finally, JPMorgan Chase & Co. reissued 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. One equities research 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.93.

Insider Transactions at Primoris Services

In related news, Director Carla S. Mashinski sold 2,082 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $135.14, for a total value of $281,361.48. Following the completion of the sale, the director owned 21,530 shares in the company, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This trade represents a 9.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Trading Down 2.0%

Shares of PRIM stock opened at $166.01 on Tuesday. The firm has a market capitalization of $8.97 billion, a P/E ratio of 54.97 and a beta of 1.37. Primoris Services Co. has a 1 year low of $49.10 and a 1 year high of $174.43. The firm’s fifty day simple moving average is $143.97 and its 200 day simple moving average is $132.69. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61.

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.