Dana Investment Advisors Inc. Sells 53,027 Shares of Primoris Services Co. $PRIM

Dana Investment Advisors Inc. decreased its holdings in Primoris Services Co. (NASDAQ:PRIM) by 33.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 106,288 shares of the construction company’s stock after selling 53,027 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Primoris Services were worth $14,597,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. First Trust Advisors LP increased its stake in Primoris Services by 56.4% in the second quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock valued at $142,872,000 after acquiring an additional 660,915 shares during the period. American Century Companies Inc. boosted its holdings in Primoris Services by 229.3% during the second quarter. American Century Companies Inc. now owns 601,482 shares of the construction company’s stock valued at $46,880,000 after purchasing an additional 418,805 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in shares of Primoris Services in the 3rd quarter valued at approximately $50,071,000. Westfield Capital Management Co. LP grew its stake in shares of Primoris Services by 80.4% in the 2nd quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock valued at $50,990,000 after purchasing an additional 291,494 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Primoris Services by 838.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 243,859 shares of the construction company’s stock worth $19,006,000 after buying an additional 217,873 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on PRIM. Guggenheim raised Primoris Services from a “neutral” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Tuesday, January 13th. Cantor Fitzgerald started coverage on shares of Primoris Services in a research note on Friday, January 23rd. They issued a “neutral” rating and a $160.00 target price on the stock. DA Davidson upped their target price on shares of Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. The Goldman Sachs Group increased their target price on shares of Primoris Services from $117.00 to $133.00 and gave the stock a “sell” rating in a research report on Wednesday, January 28th. Finally, Wells Fargo & Company started coverage on shares of Primoris Services in a research report on Friday, November 14th. They issued an “equal weight” rating and a $138.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.93.

Insider Buying and Selling

In related news, Director Carla S. Mashinski sold 2,082 shares of Primoris Services stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $135.14, for a total transaction of $281,361.48. Following the transaction, the director owned 21,530 shares of the company’s stock, valued at $2,909,564.20. This trade represents a 8.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Schauerman sold 7,815 shares of the business’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 transaction of $1,062,840.00. Following the transaction, the director owned 74,466 shares of the company’s stock, valued at approximately $10,127,376. This represents a 9.50% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.40% of the company’s stock.

Primoris Services Stock Down 2.0%

Shares of Primoris Services stock opened at $166.01 on Tuesday. The business has a fifty day simple moving average of $143.97 and a 200 day simple moving average of $132.69. The stock has a market cap of $8.97 billion, a PE ratio of 54.97 and a beta of 1.37. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. Primoris Services Co. has a 12 month low of $49.10 and a 12 month high of $174.43.

About Primoris Services

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.