Alliancebernstein L.P. Has $101.63 Million Stake in Primoris Services Co. (NASDAQ:PRIM)

Alliancebernstein L.P. grew its holdings in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 2,302.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,330,210 shares of the construction company's stock after buying an additional 1,274,839 shares during the quarter. Alliancebernstein L.P. owned approximately 2.48% of Primoris Services worth $101,628,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PRIM. USA Financial Formulas bought a new position in Primoris Services in the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its stake in shares of Primoris Services by 3,552.4% during the fourth quarter. Farther Finance Advisors LLC now owns 767 shares of the construction company's stock worth $59,000 after purchasing an additional 746 shares during the period. Principal Securities Inc. lifted its stake in Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company's stock valued at $68,000 after buying an additional 343 shares during the period. Millburn Ridgefield Corp bought a new position in Primoris Services during the third quarter worth about $59,000. Finally, TD Private Client Wealth LLC boosted its holdings in Primoris Services by 24.2% during the third quarter. TD Private Client Wealth LLC now owns 1,180 shares of the construction company's stock worth $69,000 after buying an additional 230 shares during the last quarter. Institutional investors own 91.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Guggenheim started coverage on shares of Primoris Services in a report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective for the company. JPMorgan Chase & Co. boosted their target price on Primoris Services from $88.00 to $90.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. KeyCorp started coverage on shares of Primoris Services in a report on Wednesday, December 11th. They set an "overweight" rating and a $96.00 target price on the stock. DA Davidson restated a "buy" rating and issued a $85.00 price target on shares of Primoris Services in a report on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Primoris Services in a research note on Tuesday, March 11th. They set a "buy" rating and a $73.00 price target for the company. One investment 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $89.14.

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Insider Activity at Primoris Services

In related news, insider Jeremy Kinch sold 4,500 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $68.24, for a total value of $307,080.00. Following the completion of the transaction, the insider now owns 12,586 shares of the company's stock, valued at $858,868.64. The trade was a 26.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Edward Mccormick sold 61,390 shares of Primoris Services stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the transaction, the chief executive officer now directly owns 46,796 shares in the company, valued at $2,999,623.60. This trade represents a 56.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,888 shares of company stock worth $4,310,043. Corporate insiders own 1.40% of the company's stock.

Primoris Services Stock Performance

Shares of NASDAQ:PRIM traded down $0.29 on Monday, hitting $52.37. The company had a trading volume of 271,195 shares, compared to its average volume of 701,569. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 17.47 and a beta of 1.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average price of $67.99 and a 200 day moving average price of $71.70. Primoris Services Co. has a 1-year low of $42.82 and a 1-year high of $90.86.

Primoris Services Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.08 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 0.61%. Primoris Services's dividend payout ratio (DPR) is presently 9.64%.

About Primoris Services

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.