1,875 Shares in Primoris Services Co. (NASDAQ:PRIM) Purchased by Venturi Wealth Management LLC

Venturi Wealth Management LLC acquired a new position in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,875 shares of the construction company’s stock, valued at approximately $143,000.

A number of other hedge funds have also modified their holdings of PRIM. Congress Asset Management Co. bought a new position in shares of Primoris Services during the fourth quarter worth about $48,851,000. Summit Partners Public Asset Management LLC boosted its position in 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 during the last quarter. BNP Paribas Financial Markets boosted its position in 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 Primoris Services by 28.4% during the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock valued at $40,645,000 after purchasing an additional 154,627 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Primoris Services by 17.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 607,010 shares of the construction company’s stock valued at $35,255,000 after purchasing an additional 91,235 shares during the last quarter. 91.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PRIM has been the subject of several recent research reports. Guggenheim initiated coverage on Primoris Services in a research report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price target for the company. UBS Group increased their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group increased their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price target on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. Finally, KeyCorp started coverage on Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Primoris Services presently has a consensus rating of “Buy” and a consensus target price of $91.50.

Primoris Services Stock Performance

PRIM opened at $66.06 on Friday. Primoris Services Co. has a 12-month low of $37.00 and a 12-month high of $90.86. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 21.87 and a beta of 1.14. The business has a 50 day moving average of $78.32 and a 200-day moving average of $69.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61.

Insider Transactions at Primoris Services

In other news, Director David Lee King sold 2,000 shares of the 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 transaction, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by corporate 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.