Peregrine Asset Advisers Inc. Decreases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Peregrine Asset Advisers Inc. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 86,651 shares of the construction company’s stock after selling 1,276 shares during the quarter. Primoris Services accounts for 2.4% of Peregrine Asset Advisers Inc.’s investment portfolio, making the stock its 7th biggest position. Peregrine Asset Advisers Inc. owned 0.16% of Primoris Services worth $6,620,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRIM. Congress Asset Management Co. bought a new position in Primoris Services during the fourth quarter valued at approximately $48,851,000. Summit Partners Public Asset Management LLC boosted its stake in shares of Primoris Services by 80.6% in 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 purchasing an additional 374,926 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of 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 purchasing an additional 208,920 shares during the last quarter. Yaupon Capital Management LP raised its position in 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 during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Primoris Services by 17.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock worth $35,255,000 after purchasing an additional 91,235 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 2.6 %

NASDAQ PRIM opened at $66.06 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. Primoris Services Co. has a fifty-two week low of $37.00 and a fifty-two week high of $90.86. The stock has a market cap of $3.55 billion, a P/E ratio of 18.94 and a beta of 1.14. The stock has a 50 day simple moving average of $78.32 and a two-hundred day simple moving average of $69.25.

Analyst Ratings Changes

PRIM has been the topic of a number of recent research reports. Guggenheim began coverage on Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group raised their price target on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. 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 report on Wednesday, November 6th. UBS Group raised their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, KeyCorp began coverage on shares of Primoris Services in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price on the stock. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus price target of $91.50.

Insider Buying and Selling

In related news, Director David Lee King sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $83.98, for a total transaction of $167,960.00. Following the transaction, the director now owns 23,818 shares in the company, valued at $2,000,235.64. The trade was a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by insiders.

Primoris Services 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.