Janney Montgomery Scott LLC Acquires New Holdings in Primoris Services Co. (NASDAQ:PRIM)

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

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. USA Financial Formulas acquired a new position in shares of Primoris Services during the fourth quarter worth about $27,000. Nisa Investment Advisors LLC grew its position in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Blue Trust Inc. grew its position in shares of Primoris Services by 27.3% during the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after buying an additional 197 shares in the last quarter. Millburn Ridgefield Corp acquired a new position in shares of Primoris Services during the third quarter worth about $59,000. Finally, TD Private Client Wealth LLC grew its position in shares of Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after buying an additional 230 shares in the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. UBS Group boosted their price objective on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group upped their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target for the company. DA Davidson boosted their price objective on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, KeyCorp initiated coverage on Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $91.50.

Primoris Services Price Performance

Primoris Services stock opened at $78.86 on Monday. Primoris Services Co. has a 12 month low of $36.14 and a 12 month high of $90.86. 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 business has a 50 day simple moving average of $79.97 and a 200-day simple moving average of $68.09. The stock has a market capitalization of $4.24 billion, a PE ratio of 26.11 and a beta of 1.14.

Insider Transactions at Primoris Services

In other Primoris Services news, Director Stephen C. Cook sold 4,018 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total value of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares in the company, valued at approximately $621,015.24. This represents a 33.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $81.28, for a total value of $1,219,200.00. Following the completion of the transaction, the chief executive officer now owns 61,390 shares of the company’s stock, valued at $4,989,779.20. The trade was a 19.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,018 shares of company stock worth $1,702,694 over the last 90 days. 1.40% of the stock is currently owned by insiders.

Primoris Services Company 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.