Jennison Associates LLC Makes New Investment in Primoris Services Co. (NASDAQ:PRIM)

Jennison Associates LLC purchased a new position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 5,621 shares of the construction company's stock, valued at approximately $429,000.

A number of other hedge funds have also made changes to their positions in PRIM. Quest Partners LLC grew its position in shares of Primoris Services by 1,945.8% in the third quarter. Quest Partners LLC now owns 16,244 shares of the construction company's stock valued at $943,000 after purchasing an additional 15,450 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Primoris Services by 12,845.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company's stock valued at $1,711,000 after purchasing an additional 22,223 shares during the period. Benjamin Edwards Inc. grew its holdings in Primoris Services by 40,543.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company's stock valued at $378,000 after buying an additional 6,487 shares during the last quarter. AMI Asset Management Corp increased its position in Primoris Services by 50.0% in the 4th quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company's stock worth $1,456,000 after buying an additional 6,350 shares during the period. Finally, Ausbil Investment Management Ltd lifted its holdings in shares of Primoris Services by 31.8% during the third quarter. Ausbil Investment Management Ltd now owns 58,223 shares of the construction company's stock worth $3,382,000 after buying an additional 14,033 shares during the last quarter. Institutional investors and hedge funds own 91.82% of the company's stock.

Primoris Services Price Performance

Shares of Primoris Services stock traded down $2.39 during mid-day trading on Tuesday, reaching $77.35. 431,378 shares of the stock were exchanged, compared to its average volume of 700,366. The company has a market cap of $4.15 billion, a price-to-earnings ratio of 25.61 and a beta of 1.14. Primoris Services Co. has a fifty-two week low of $36.22 and a fifty-two week high of $90.86. 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 firm has a 50-day simple moving average of $79.78 and a 200 day simple moving average of $68.42.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRIM. The Goldman Sachs Group raised their price objective on shares of Primoris Services from $51.00 to $78.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. KeyCorp started coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $96.00 price target on the stock. Guggenheim started coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They set a "buy" rating and a $102.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Primoris Services from $77.00 to $88.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 28th. Finally, DA Davidson upped their target price on Primoris Services from $60.00 to $85.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $91.50.

Insider Transactions at Primoris Services

In other news, CEO Thomas Edward Mccormick sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $81.28, for a total transaction of $1,219,200.00. Following the transaction, the chief executive officer now directly owns 61,390 shares in the company, valued at approximately $4,989,779.20. This represents a 19.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,018 shares of company stock valued at $1,702,694. Corporate insiders own 1.40% of the company's stock.

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.