Allspring Global Investments Holdings LLC Reduces Position in Primoris Services Co. (NASDAQ:PRIM)

Allspring Global Investments Holdings LLC cut its holdings in shares of Primoris Services Co. (NASDAQ:PRIM) by 20.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,361 shares of the construction company’s stock after selling 2,740 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primoris Services were worth $792,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Savant Capital LLC lifted its holdings in Primoris Services by 7.2% during the fourth quarter. Savant Capital LLC now owns 5,209 shares of the construction company’s stock valued at $398,000 after purchasing an additional 348 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new stake in shares of Primoris Services in the fourth quarter worth about $313,000. Longboard Asset Management LP purchased a new stake in shares of Primoris Services in the fourth quarter worth about $208,000. Jennison Associates LLC purchased a new stake in shares of Primoris Services in the fourth quarter worth about $429,000. Finally, DAVENPORT & Co LLC lifted its holdings in shares of Primoris Services by 9.6% in the fourth quarter. DAVENPORT & Co LLC now owns 12,893 shares of the construction company’s stock worth $985,000 after buying an additional 1,134 shares in the last quarter. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primoris Services

In other Primoris Services news, Director David Lee King sold 2,000 shares of the stock in a transaction that occurred 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 directly owns 23,818 shares in the company, valued at $2,000,235.64. This trade represents a 7.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.40% of the company’s stock.

Primoris Services Trading Down 2.6 %

Shares of PRIM opened at $66.06 on Monday. The firm’s 50 day simple moving average is $78.32 and its 200 day simple moving average is $69.51. The company has a market capitalization of $3.55 billion, a P/E ratio of 21.87 and a beta of 1.14. 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 Co. has a 1-year low of $37.00 and a 1-year high of $90.86.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PRIM shares. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target on the stock. DA Davidson increased their price target on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price target on shares of Primoris Services from $51.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Guggenheim began coverage on shares of Primoris Services in a report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Primoris Services presently has an average rating of “Buy” and a consensus target price of $91.50.

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.