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

Convergence Investment Partners LLC lifted its position in Primoris Services Co. (NASDAQ:PRIM) by 50.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 reporting period.

Other large investors have also modified their holdings of the company. Congress Asset Management Co. bought a new stake in Primoris Services in the fourth quarter valued at $48,851,000. Summit Partners Public Asset Management LLC grew its holdings 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 worth $48,779,000 after purchasing an additional 374,926 shares during the last quarter. BNP Paribas Financial Markets grew 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 worth $14,343,000 after purchasing an additional 208,920 shares during the last quarter. Yaupon Capital Management LP grew its holdings in shares of Primoris Services by 28.4% during the third 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 last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of 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 worth $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 and hedge funds.

Insider Buying and Selling at Primoris Services

In other news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction dated 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 $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Primoris Services Trading Down 1.4 %

NASDAQ:PRIM opened at $72.47 on Wednesday. Primoris Services Co. has a 1-year low of $37.00 and a 1-year high of $90.86. The business’s 50-day moving average price is $79.12 and its two-hundred day moving average price is $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. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of 20.54 and a beta of 1.14.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PRIM. Guggenheim began coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 target price on the stock. UBS Group raised their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. raised their price target on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. The Goldman Sachs Group raised 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. Finally, DA Davidson raised their price target on Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One 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 stock. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of “Buy” and an average price target of $91.50.

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.