6,159 Shares in Primoris Services Co. (NASDAQ:PRIM) Purchased by Three Seasons Wealth LLC

Key Points

• Three Seasons Wealth LLC has purchased 6,159 shares of Primoris Services Co., valued at approximately $354,000, during the first quarter.
• Institutional investors own 91.82% of Primoris Services' stock, with significant purchases made by firms such as Norges Bank and Wellington Management Group LLP.
• Primoris Services reported $1.68 EPS for the quarter, exceeding estimates, and had a revenue of $1.89 billion, a 20.9% increase year-over-year.

Three Seasons Wealth LLC bought a new position in Primoris Services Co. (NASDAQ:PRIM - Free Report) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 6,159 shares of the construction company's stock, valued at approximately $354,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRIM. Norges Bank purchased a new stake in Primoris Services in the 4th quarter valued at about $22,636,000. Pictet Asset Management Holding SA increased its stake in Primoris Services by 13.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,459 shares of the construction company's stock valued at $570,000 after buying an additional 904 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Primoris Services in the 4th quarter valued at about $216,000. Wellington Management Group LLP increased its stake in Primoris Services by 30.9% in the 4th quarter. Wellington Management Group LLP now owns 234,530 shares of the construction company's stock valued at $17,918,000 after buying an additional 55,400 shares during the last quarter. Finally, ExodusPoint Capital Management LP purchased a new stake in Primoris Services in the 4th quarter valued at about $2,006,000. Institutional investors and hedge funds own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

PRIM has been the subject of several analyst reports. Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research note on Thursday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of Primoris Services from $90.00 to $102.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Janney Montgomery Scott assumed coverage on shares of Primoris Services in a research note on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. Piper Sandler raised their price target on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Finally, KeyCorp raised their price target on shares of Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Primoris Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.56.

Insider Buying and Selling

In related news, Director John P. Schauerman sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the completion of the transaction, the director directly owned 102,281 shares of the company's stock, valued at approximately $7,913,480.97. This trade represents a 12.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.40% of the company's stock.

Primoris Services Trading Up 2.1%

Shares of PRIM stock opened at $93.08 on Tuesday. The company has a 50 day moving average of $81.27 and a 200-day moving average of $72.20. The firm has a market cap of $5.03 billion, a P/E ratio of 30.82 and a beta of 1.44. Primoris Services Co. has a 12-month low of $45.92 and a 12-month high of $96.16. 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 (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.10 by $0.58. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.69 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. Primoris Services's revenue for the quarter was up 20.9% on a year-over-year basis. During the same period last year, the firm earned $1.04 EPS. Sell-side analysts anticipate that Primoris Services Co. will post 3.26 earnings per share for the current year.

Primoris Services 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.

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