Hodges Capital Management Inc. Has $5.37 Million Stake in Primoris Services Co. $PRIM

Hodges Capital Management Inc. reduced its holdings in Primoris Services Co. (NASDAQ:PRIM) by 8.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,100 shares of the construction company’s stock after selling 3,500 shares during the quarter. Hodges Capital Management Inc. owned 0.07% of Primoris Services worth $5,370,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. First Trust Advisors LP increased its stake in Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after purchasing an additional 660,915 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Primoris Services by 229.3% in the second quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock valued at $46,880,000 after buying an additional 418,805 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Primoris Services during the third quarter worth $50,071,000. Westfield Capital Management Co. LP raised its holdings in shares of Primoris Services by 80.4% during the second quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock worth $50,990,000 after acquiring an additional 291,494 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in Primoris Services by 838.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 243,859 shares of the construction company’s stock valued at $19,006,000 after acquiring an additional 217,873 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Primoris Services Trading Down 2.4%

NASDAQ PRIM opened at $162.48 on Wednesday. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $174.43. 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 stock has a 50 day moving average of $141.27 and a 200-day moving average of $131.01. The company has a market cap of $8.78 billion, a PE ratio of 53.80 and a beta of 1.37.

Insider Activity

In other Primoris Services news, Director Carla S. Mashinski sold 2,082 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $135.14, for a total value of $281,361.48. Following the sale, the director owned 21,530 shares in the company, valued at $2,909,564.20. This represents a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director directly owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Guggenheim upgraded Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a report on Tuesday, January 13th. Needham & Company LLC reaffirmed a “buy” rating on shares of Primoris Services in a research report on Wednesday, November 5th. Cantor Fitzgerald began coverage on Primoris Services in a report on Friday, January 23rd. They set a “neutral” rating and a $160.00 price objective for the company. Jefferies Financial Group restated a “buy” rating and issued a $161.00 target price on shares of Primoris Services in a research note on Wednesday, November 5th. Finally, Wells Fargo & Company started coverage on shares of Primoris Services in a research note on Friday, November 14th. They set an “equal weight” rating and a $138.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Primoris Services presently has an average rating of “Moderate Buy” and an average price target of $144.93.

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.