Longboard Asset Management LP Buys Shares of 2,728 Primoris Services Co. (NASDAQ:PRIM)

Longboard Asset Management LP bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,728 shares of the construction company’s stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PRIM. Summit Partners Public Asset Management LLC increased its position 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 valued at $48,779,000 after acquiring an additional 374,926 shares in the last quarter. BNP Paribas Financial Markets increased its position 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 valued at $14,343,000 after acquiring an additional 208,920 shares in the last quarter. Yaupon Capital Management LP increased its position 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 valued at $40,645,000 after acquiring an additional 154,627 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position 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 valued at $35,255,000 after acquiring an additional 91,235 shares in the last quarter. Finally, Peregrine Asset Advisers Inc. bought a new stake in shares of Primoris Services during the third quarter valued at approximately $5,107,000. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Up 0.0 %

Shares of Primoris Services stock opened at $75.15 on Wednesday. The company’s fifty day simple moving average is $80.28 and its 200-day simple moving average is $67.61. The stock has a market capitalization of $4.04 billion, a PE ratio of 24.88 and a beta of 1.14. Primoris Services Co. has a 1-year low of $33.40 and a 1-year high of $90.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

Primoris Services (NASDAQ:PRIM) last issued its quarterly earnings results on Monday, November 4th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.20. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 EPS. As a group, equities analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Insider Transactions at Primoris Services

In related news, Director David Lee King sold 2,000 shares of Primoris Services stock in a transaction on 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 approximately $2,000,235.64. The trade was a 7.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Edward Mccormick sold 15,000 shares of Primoris Services stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now owns 61,390 shares in the company, valued at approximately $4,989,779.20. This trade represents a 19.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,018 shares of company stock worth $1,702,694 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRIM shares. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. The Goldman Sachs Group lifted their target price on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 target price for the company. UBS Group lifted their target price on shares of Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, DA Davidson lifted their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $91.50.

Primoris Services Company 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.