Convergence Investment Partners LLC Has $1.87 Million Holdings in Primoris Services Co. (NASDAQ:PRIM)

Convergence Investment Partners LLC lifted its stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 50.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,463 shares of the construction company's stock after buying an additional 8,235 shares during the period. Convergence Investment Partners LLC's holdings in Primoris Services were worth $1,869,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Congress Asset Management Co. acquired a new stake in shares of Primoris Services during the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC raised its position in Primoris Services by 80.6% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company's stock worth $48,779,000 after buying an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Primoris Services by 549.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company's stock valued at $14,343,000 after acquiring an additional 208,920 shares during the period. Yaupon Capital Management LP boosted its holdings in shares of Primoris Services by 28.4% in the 3rd quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company's stock valued at $40,645,000 after acquiring an additional 154,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after acquiring an additional 91,235 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Stock Performance

Shares of PRIM stock traded down $1.74 during midday trading on Friday, hitting $66.06. The company had a trading volume of 970,920 shares, compared to its average volume of 756,883. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 21.87 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. The company's 50 day simple moving average is $78.58 and its 200 day simple moving average is $69.12. Primoris Services Co. has a 52-week low of $37.00 and a 52-week high of $90.86.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $83.98, for a total transaction of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PRIM shares. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Primoris Services from $77.00 to $88.00 and gave the company an "overweight" rating in a research note on Tuesday, January 28th. Guggenheim assumed coverage on Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price target on the stock. Finally, UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Primoris Services has an average rating of "Buy" and an average target price of $91.50.

Primoris Services Profile

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.