Versor Investments LP Sells 18,328 Shares of Primoris Services Co. $PRIM

Versor Investments LP decreased its stake in Primoris Services Co. (NASDAQ:PRIM) by 75.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,840 shares of the construction company’s stock after selling 18,328 shares during the period. Versor Investments LP’s holdings in Primoris Services were worth $802,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PRIM. SBI Securities Co. Ltd. boosted its position in shares of Primoris Services by 224.2% in the third quarter. SBI Securities Co. Ltd. now owns 214 shares of the construction company’s stock valued at $29,000 after acquiring an additional 148 shares during the period. Osterweis Capital Management Inc. bought a new stake in Primoris Services in the 2nd quarter valued at about $34,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Primoris Services during the 3rd quarter worth approximately $37,000. Cullen Frost Bankers Inc. bought a new position in Primoris Services in the third quarter valued at approximately $37,000. Finally, McIlrath & Eck LLC raised its stake in Primoris Services by 109.8% during the third quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock worth $38,000 after acquiring an additional 145 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Analyst Ratings Changes

PRIM has been the topic of several research reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $143.00 target price (down previously from $145.00) on shares of Primoris Services in a research report on Monday, December 8th. Mizuho set a $129.00 price target on shares of Primoris Services in a report on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Finally, Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.93.

Primoris Services Trading Down 1.0%

NASDAQ PRIM opened at $161.06 on Wednesday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $164.38. 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 $8.70 billion, a PE ratio of 53.33 and a beta of 1.37. The business’s 50-day moving average price is $137.66 and its two-hundred day moving average price is $128.48.

Insiders Place Their Bets

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $135.14, for a total transaction of $281,361.48. Following the completion of the sale, the director directly owned 21,530 shares in the company, valued at approximately $2,909,564.20. This trade represents a 8.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John P. Schauerman sold 7,815 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $136.00, for a total value of $1,062,840.00. Following the sale, the director owned 74,466 shares in the company, valued at approximately $10,127,376. The trade was a 9.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.