Primoris Services Co. (NASDAQ:PRIM) is Peregrine Asset Advisers Inc.’s 7th Largest Position

Peregrine Asset Advisers Inc. lessened its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 86,651 shares of the construction company’s stock after selling 1,276 shares during the period. Primoris Services makes up 2.4% of Peregrine Asset Advisers Inc.’s investment portfolio, making the stock its 7th largest position. Peregrine Asset Advisers Inc.’s holdings in Primoris Services were worth $6,620,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRIM. Congress Asset Management Co. bought a new stake in Primoris Services during the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC increased its stake in shares of Primoris Services by 80.6% during the third quarter. Summit Partners Public Asset Management LLC now owns 839,853 shares of the construction company’s stock valued at $48,779,000 after purchasing an additional 374,926 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Primoris Services by 549.4% during the third quarter. BNP Paribas Financial Markets now owns 246,949 shares of the construction company’s stock valued at $14,343,000 after purchasing an additional 208,920 shares during the last quarter. Yaupon Capital Management LP boosted its position 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 worth $40,645,000 after purchasing an additional 154,627 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake 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 last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Primoris Services Price Performance

NASDAQ PRIM opened at $66.06 on Friday. Primoris Services Co. has a one year low of $37.00 and a one year high of $90.86. The stock has a 50-day moving average of $78.32 and a 200 day moving average of $69.25. 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 $3.55 billion, a price-to-earnings ratio of 18.94 and a beta of 1.14.

Insider Activity

In other news, Director David Lee King sold 2,000 shares of the stock in a transaction on 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRIM. Guggenheim initiated coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. KeyCorp initiated coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. UBS Group increased their price objective on shares of Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. lifted their target price on shares of Primoris Services from $77.00 to $88.00 and gave the stock an “overweight” rating in a report on Tuesday, January 28th. Finally, DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $91.50.

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.