Jennison Associates LLC Invests $429,000 in Primoris Services Co. (NASDAQ:PRIM)

Jennison Associates LLC has made a significant investment in Primoris Services Co. (NASDAQ:PRIM) during the fourth quarter, acquiring a total of 5,621 shares valued at approximately $429,000, according to Holdings Channel. This marks a new position for the fund in the construction sector.

Additionally, other institutional investors have been active with their stakes in Primoris Services recently. Notably, Blue Trust Inc. increased its position by 27.3% in the third quarter, owning 919 shares now valued at $53,000. TD Private Client Wealth LLC also raised its investment by 24.2%, holding 1,180 shares worth $69,000 after purchasing an additional 230 shares. Virtue Capital Management LLC increased their stake by 2.1%, resulting in a total of 16,392 shares valued at approximately $952,000 after acquiring 342 additional shares.

Moreover, USA Financial Formulas made a new investment in the fourth quarter, buying shares worth $27,000. KBC Group NV also increased its holdings by 28.5% in the third quarter, now owning 1,801 shares valued at around $105,000. It’s noteworthy that institutional investors and hedge funds collectively hold 91.82% of Primoris Services’ stock.

Stock Performance of Primoris Services

On the trading day following the news, Primoris Services opened at $78.86. The company maintains a market capitalization of $4.24 billion, with a price-to-earnings ratio of 26.11 and a beta of 1.14. Over the past year, the shares have seen a low of $36.14 and a high of $90.86. The company's current ratio is 1.38, and the quick ratio is similar at 1.38. They have a debt-to-equity ratio standing at 0.61. Recent price trends show the fifty-day moving average is $80.07, while the two-hundred-day moving average is $67.75.

Insider Trading Activities

In related developments, there have been notable insider transactions at Primoris Services. Director David Lee King sold 2,000 shares on December 2nd at an average price of $83.98, totaling $167,960. After this sale, he retains 23,818 shares valued at approximately $2,000,235.64, reflecting a 7.75% decrease in his ownership. Furthermore, CEO Thomas Edward Mccormick sold 15,000 shares on November 13th for $1,219,200, which was at an average price of $81.28. He now holds 61,390 shares worth about $4,989,779. This sale represents a decrease of 19.64% in his position. Over the last ninety days, a total of 21,018 shares have been sold by insiders, amounting to $1,702,694. Company insiders currently own 1.30% of the stock.

Recent Analyst Reports

Primoris Services has been highlighted in various analyst reports recently. UBS Group raised its target price from $75.00 to $100.00, rating the stock as a "buy." KeyCorp initiated coverage with an "overweight" rating and set a target price of $96.00. Guggenheim also initiated coverage and recommended a "buy" rating, with a target of $102.00. The Goldman Sachs Group adjusted its target from $51.00 to $78.00 while maintaining a "neutral" rating. DA Davidson raised their price target from $60.00 to $85.00 with a "buy" rating. Overall, data from MarketBeat.com indicates one analyst holds a "hold" rating, five analysts recommend a "buy," and one suggests a "strong buy," resulting in an average rating of "Buy" and a target price of $91.50 for Primoris Services.

About Primoris Services

Primoris Services Corporation operates as a specialty contractor and offers a variety of services including specialty construction, fabrication, maintenance, replacement, and engineering in the United States and Canada. The firm operates primarily through its Utilities and Energy/Renewables segments. The Utilities segment is focused on installation and maintenance services for natural gas distribution systems, electric utility distribution and transmission systems, as well as communications systems.

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