Alberta Investment Management Corp Increases Stock Position in Primoris Services Co. (NASDAQ:PRIM)

Alberta Investment Management Corp lifted its holdings in Primoris Services Co. (NASDAQ:PRIM) by 21.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,365 shares of the construction company’s stock after buying an additional 12,475 shares during the period. Alberta Investment Management Corp’s holdings in Primoris Services were worth $5,376,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of PRIM. USA Financial Formulas purchased a new stake in Primoris Services during the fourth quarter worth about $27,000. Nisa Investment Advisors LLC increased its stake in shares of Primoris Services by 414.2% in the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after purchasing an additional 584 shares in the last quarter. Blue Trust Inc. raised its position in shares of Primoris Services by 27.3% in the third quarter. Blue Trust Inc. now owns 919 shares of the construction company’s stock valued at $53,000 after purchasing an additional 197 shares during the period. Millburn Ridgefield Corp purchased a new stake in shares of Primoris Services during the 3rd quarter valued at approximately $59,000. Finally, Principal Securities Inc. grew its stake in Primoris Services by 63.2% in the 4th quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after buying an additional 343 shares in the last quarter. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Primoris Services Price Performance

Shares of Primoris Services stock opened at $70.96 on Thursday. The stock has a market capitalization of $3.81 billion, a P/E ratio of 23.50 and a beta of 1.14. Primoris Services Co. has a one year low of $37.00 and a one year high of $90.86. 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’s 50 day simple moving average is $78.83 and its two-hundred day simple moving average is $69.13.

Insider Buying and Selling at Primoris Services

In related news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the completion of the sale, the director now owns 23,818 shares of the company’s stock, 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 SEC, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRIM shares. UBS Group lifted their price target on Primoris Services from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. 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 initiated coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Primoris Services from $77.00 to $88.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 28th. Finally, DA Davidson boosted their price target on shares of Primoris Services from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Primoris Services currently has a consensus rating of “Buy” and a consensus target price 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.