Jennison Associates LLC Buys New Position in Primoris Services Co. (NASDAQ:PRIM)

Jennison Associates LLC bought a new stake in shares of Primoris Services Co. (NASDAQ:PRIM) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 5,621 shares of the construction company’s stock, valued at approximately $429,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in Primoris Services by 27.3% during the 3rd quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock worth $53,000 after purchasing an additional 197 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in Primoris Services by 24.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company’s stock worth $69,000 after purchasing an additional 230 shares during the last quarter. Virtue Capital Management LLC increased its holdings in Primoris Services by 2.1% during the 3rd quarter. Virtue Capital Management LLC now owns 16,392 shares of the construction company’s stock worth $952,000 after purchasing an additional 342 shares during the last quarter. USA Financial Formulas purchased a new stake in Primoris Services during the 4th quarter worth approximately $27,000. Finally, KBC Group NV increased its holdings in Primoris Services by 28.5% during the 3rd quarter. KBC Group NV now owns 1,801 shares of the construction company’s stock worth $105,000 after purchasing an additional 399 shares during the last quarter. 91.82% of the stock is currently owned by hedge funds and other institutional investors.

Primoris Services Trading Down 0.9 %

NASDAQ:PRIM opened at $78.86 on Friday. Primoris Services Co. has a 12-month low of $36.14 and a 12-month high of $90.86. The firm has a market capitalization of $4.24 billion, a P/E ratio of 26.11 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. The business has a 50 day simple moving average of $80.07 and a 200 day simple moving average of $67.75.

Insider Activity at Primoris Services

In related news, Director Stephen C. Cook sold 4,018 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $78.53, for a total transaction of $315,533.54. Following the completion of the transaction, the director now owns 7,908 shares in the company, valued at $621,015.24. The trade was a 33.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Lee King sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now owns 23,818 shares of the company’s stock, valued at $2,000,235.64. This represents a 7.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,018 shares of company stock worth $1,702,694 in the last 90 days. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PRIM shares. Guggenheim started coverage on Primoris Services in a report on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. KeyCorp started coverage on Primoris Services in a report on Wednesday, December 11th. They issued an “overweight” rating and a $96.00 price target for the company. UBS Group boosted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JPMorgan Chase & Co. boosted their price target on Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a report on Tuesday, January 28th. Finally, The Goldman Sachs Group boosted their price target on Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus price target of $91.50.

Primoris Services Company 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.