Primoris Services Co. $PRIM Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 27.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 55,231 shares of the construction company’s stock after selling 21,148 shares during the quarter. Principal Financial Group Inc.’s holdings in Primoris Services were worth $7,585,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Hodges Capital Management Inc. acquired a new stake in Primoris Services during the 2nd quarter valued at $3,320,000. Federated Hermes Inc. raised its stake in Primoris Services by 5.8% during the second quarter. Federated Hermes Inc. now owns 347,785 shares of the construction company’s stock valued at $27,106,000 after buying an additional 18,951 shares in the last quarter. Boston Partners boosted its holdings in Primoris Services by 14.1% in the second quarter. Boston Partners now owns 564,898 shares of the construction company’s stock worth $47,823,000 after purchasing an additional 69,996 shares during the period. Capital Fund Management S.A. bought a new stake in shares of Primoris Services during the 2nd quarter valued at about $1,283,000. Finally, Vest Financial LLC raised its position in shares of Primoris Services by 96.9% during the 3rd quarter. Vest Financial LLC now owns 29,836 shares of the construction company’s stock worth $4,097,000 after purchasing an additional 14,685 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $166.38 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $8.99 billion, a PE ratio of 55.09 and a beta of 1.37. The stock has a fifty day moving average of $140.02 and a 200-day moving average of $129.49. Primoris Services Co. has a one year low of $49.10 and a one year high of $174.43.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction dated 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 in the company, 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 this link. Also, Director Carla S. Mashinski sold 2,082 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at $2,909,564.20. This represents a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PRIM shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $143.00 price objective (down from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. The Goldman Sachs Group raised their target price on shares of Primoris Services from $117.00 to $133.00 and gave the company a “sell” rating in a research note on Wednesday, January 28th. DA Davidson upped their price target 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. Guggenheim upgraded shares of Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective on the stock in a research note on Tuesday, January 13th. Finally, Wells Fargo & Company assumed coverage on Primoris Services in a research report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.