Convergence Investment Partners LLC Has $1.87 Million Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Convergence Investment Partners LLC grew its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 50.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,463 shares of the construction company’s stock after purchasing an additional 8,235 shares during the quarter. Convergence Investment Partners LLC’s holdings in Primoris Services were worth $1,869,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PRIM. CWM LLC increased its holdings in shares of Primoris Services by 37.5% during the 3rd quarter. CWM LLC now owns 1,506 shares of the construction company’s stock worth $87,000 after acquiring an additional 411 shares during the last quarter. Creative Planning acquired a new position in shares of Primoris Services during the 3rd quarter worth approximately $424,000. Blue Trust Inc. increased its holdings in shares of Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after acquiring an additional 197 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its holdings in Primoris Services by 62.5% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 39,000 shares of the construction company’s stock valued at $2,265,000 after buying an additional 15,000 shares in the last quarter. Finally, Ausbil Investment Management Ltd grew its holdings in Primoris Services by 31.8% in the 3rd quarter. Ausbil Investment Management Ltd now owns 58,223 shares of the construction company’s stock valued at $3,382,000 after buying an additional 14,033 shares in the last quarter. Institutional investors and hedge funds own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

PRIM has been the topic of a number of research reports. Guggenheim initiated coverage on Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price objective on the stock. DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upped their target price on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. UBS Group upped 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. Finally, The Goldman Sachs Group upped their price objective on Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $91.50.

Primoris Services Trading Down 1.4 %

Shares of PRIM stock opened at $72.47 on Wednesday. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 20.54 and a beta of 1.14. The stock has a 50-day moving average of $79.12 and a 200-day moving average of $68.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 1-year low of $37.00 and a 1-year high of $90.86.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

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.