Congress Asset Management Co. bought a new stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 639,413 shares of the construction company's stock, valued at approximately $48,851,000. Congress Asset Management Co. owned about 1.19% of Primoris Services as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the company. Blue Trust Inc. lifted its stake in Primoris Services by 27.3% in the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company's stock valued at $53,000 after purchasing an additional 197 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in Primoris Services by 24.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. Virtue Capital Management LLC lifted its stake in Primoris Services by 2.1% in the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company's stock valued at $952,000 after purchasing an additional 342 shares during the last quarter. USA Financial Formulas bought a new position in Primoris Services in the 4th quarter valued at about $27,000. Finally, Savant Capital LLC raised its holdings in Primoris Services by 7.2% in the 4th quarter. Savant Capital LLC now owns 5,209 shares of the construction company's stock valued at $398,000 after acquiring an additional 348 shares during the period. 91.82% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Primoris Services
In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company's stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is currently owned by insiders.
Primoris Services Stock Performance
Shares of PRIM traded down $1.74 during mid-day trading on Wednesday, hitting $70.96. 1,220,666 shares of the company's stock were exchanged, compared to its average volume of 722,870. Primoris Services Co. has a 52 week low of $37.00 and a 52 week high of $90.86. The stock's 50-day simple moving average is $79.12 and its 200-day simple moving average is $68.97. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of 23.50 and a beta of 1.14. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $77.00 to $88.00 and gave the company an "overweight" rating in a report on Tuesday, January 28th. UBS Group increased their price target on shares of Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Guggenheim assumed coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 price target on the stock. Finally, DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $91.50.
Get Our Latest Stock Analysis on PRIM
About Primoris Services
(
Free Report)
Primoris Services Corporation, a specialty contractor company, provides a range of specialty construction, fabrication, maintenance, replacement, and engineering services in the United States and Canada. The company operates through Utilities and Energy/Renewables segments. The Utilities segment offers installation and maintenance services for new and existing natural gas distribution systems, electric utility distribution and transmission systems, and communications systems.
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