Envestnet Asset Management Inc. Has $8.92 Million Stock Position in Primoris Services Co. $PRIM

Envestnet Asset Management Inc. grew its holdings in Primoris Services Co. (NASDAQ:PRIM) by 40.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,967 shares of the construction company’s stock after purchasing an additional 18,614 shares during the period. Envestnet Asset Management Inc.’s holdings in Primoris Services were worth $8,922,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. acquired a new stake in shares of Primoris Services during the 3rd quarter valued at about $37,000. Blue Bell Private Wealth Management LLC bought a new stake in shares of Primoris Services during the 3rd quarter worth $37,000. McIlrath & Eck LLC grew its stake in Primoris Services by 109.8% in the 3rd quarter. McIlrath & Eck LLC now owns 277 shares of the construction company’s stock valued at $38,000 after buying an additional 145 shares during the last quarter. Richardson Financial Services Inc. raised its holdings in Primoris Services by 163.1% in the 3rd quarter. Richardson Financial Services Inc. now owns 321 shares of the construction company’s stock worth $44,000 after acquiring an additional 199 shares during the period. Finally, Osterweis Capital Management Inc. bought a new stake in Primoris Services during the second quarter valued at about $34,000. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Stock Up 3.5%

Shares of NASDAQ:PRIM opened at $166.00 on Friday. The company has a market capitalization of $8.97 billion, a PE ratio of 54.97 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company’s fifty day moving average is $142.39 and its 200-day moving average is $131.46. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $174.43.

Analysts Set New Price Targets

PRIM has been the subject of several research analyst reports. Cantor Fitzgerald assumed coverage on Primoris Services in a research report on Friday, January 23rd. They set a “neutral” rating and a $160.00 price objective for the company. Mizuho set a $129.00 price objective on Primoris Services in a research report on Tuesday, October 28th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $143.00 target price (down from $145.00) on shares of Primoris Services in a research note on Monday, December 8th. KeyCorp raised their price target on shares of Primoris Services from $154.00 to $159.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Finally, Jefferies Financial Group restated a “buy” rating and set a $161.00 price objective on shares of Primoris Services in a report on Wednesday, November 5th. 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.93.

Insider Activity at Primoris Services

In other news, Director Carla S. Mashinski sold 2,082 shares of the business’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 transaction, the director directly owned 21,530 shares of the company’s stock, valued at $2,909,564.20. The trade was a 8.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the firm’s stock in a transaction 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 sale, the director directly owned 74,466 shares of the company’s stock, valued at $10,127,376. This represents a 9.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.40% of the company’s stock.

Primoris Services Company 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.