Janney Montgomery Scott LLC Takes Position in Primoris Services Co. (NASDAQ:PRIM)

Janney Montgomery Scott LLC bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,710 shares of the construction company's stock, valued at approximately $436,000.

Several other large investors have also recently modified their holdings of PRIM. Summit Partners Public Asset Management LLC boosted its holdings 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 valued at $48,779,000 after acquiring an additional 374,926 shares during the period. BNP Paribas Financial Markets boosted its holdings 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 Primoris Services by 28.4% during 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 period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Primoris Services by 17.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company's stock worth $35,255,000 after buying an additional 91,235 shares during the period. Finally, Peregrine Asset Advisers Inc. purchased a new stake in shares of Primoris Services in the 3rd quarter worth $5,107,000. Institutional investors own 91.82% of the company's stock.

Insider Activity at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the company's 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 transaction, the director now directly owns 23,818 shares of the company's stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Primoris Services from $77.00 to $88.00 and gave the stock an "overweight" rating in a report on Tuesday, January 28th. Guggenheim assumed coverage on Primoris Services in a report on Wednesday, January 8th. They issued a "buy" rating and a $102.00 target price for the company. DA Davidson upped their price objective on Primoris Services from $60.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, KeyCorp assumed coverage on Primoris Services in a research note on Wednesday, December 11th. They set an "overweight" rating and a $96.00 price objective for the company. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $91.50.

Primoris Services Stock Down 0.7 %

NASDAQ:PRIM traded down $0.56 during mid-day trading on Thursday, hitting $74.51. 846,820 shares of the company's stock traded hands, compared to its average volume of 703,928. The company has a fifty day moving average of $79.41 and a 200 day moving average of $68.50. Primoris Services Co. has a twelve month low of $37.00 and a twelve month high of $90.86. The company has a market capitalization of $4.00 billion, a P/E ratio of 24.67 and a beta of 1.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38.

About Primoris Services

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.