Heartland Advisors Inc. Has $12.36 Million Stock Holdings in Primoris Services Co. $PRIM

Heartland Advisors Inc. trimmed its position in shares of Primoris Services Co. (NASDAQ:PRIM) by 10.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,000 shares of the construction company’s stock after selling 10,000 shares during the period. Heartland Advisors Inc. owned about 0.17% of Primoris Services worth $12,360,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Hodges Capital Management Inc. acquired a new position in Primoris Services during the 2nd quarter valued at $3,320,000. J.W. Cole Advisors Inc. acquired a new stake in Primoris Services during the third quarter worth $1,193,000. Federated Hermes Inc. increased its holdings in Primoris Services by 5.8% in the 2nd 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 during the period. Leuthold Group LLC raised its stake in shares of Primoris Services by 1,350.3% in the 3rd quarter. Leuthold Group LLC now owns 48,947 shares of the construction company’s stock valued at $6,722,000 after buying an additional 45,572 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Primoris Services by 14.1% during the 2nd quarter. Boston Partners now owns 564,898 shares of the construction company’s stock worth $47,823,000 after acquiring an additional 69,996 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PRIM. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $143.00 price target (down previously from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Jefferies Financial Group reissued a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a report on Wednesday, November 5th. DA Davidson raised their target price on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Wells Fargo & Company started coverage on Primoris Services in a research note on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price target on the stock. Finally, Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price objective for the company in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.93.

Insider Activity

In other Primoris Services news, Director John P. Schauerman sold 7,815 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $136.00, for a total value of $1,062,840.00. Following the transaction, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Carla S. Mashinski sold 2,082 shares of the company’s 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 directly owned 21,530 shares of the company’s stock, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Up 1.8%

Shares of NASDAQ:PRIM opened at $166.38 on Tuesday. The company has a 50 day moving average of $140.66 and a 200-day moving average of $130.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38. Primoris Services Co. has a one year low of $49.10 and a one year high of $174.43. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 55.09 and a beta of 1.37.

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.