Jennison Associates LLC Raises Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Jennison Associates LLC grew its stake in Primoris Services Co. (NASDAQ:PRIM - Free Report) by 68.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,476 shares of the construction company's stock after buying an additional 3,855 shares during the period. Jennison Associates LLC's holdings in Primoris Services were worth $544,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRIM. Victory Capital Management Inc. boosted its position in Primoris Services by 3.5% in the first quarter. Victory Capital Management Inc. now owns 308,143 shares of the construction company's stock valued at $17,690,000 after buying an additional 10,304 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Primoris Services in the first quarter worth $683,000. CWM LLC raised its holdings in shares of Primoris Services by 139.5% during the first quarter. CWM LLC now owns 5,528 shares of the construction company's stock worth $317,000 after purchasing an additional 3,220 shares during the last quarter. Xponance Inc. raised its holdings in shares of Primoris Services by 39.9% during the first quarter. Xponance Inc. now owns 6,785 shares of the construction company's stock worth $390,000 after purchasing an additional 1,936 shares during the last quarter. Finally, Cornerstone Investment Partners LLC lifted its position in Primoris Services by 31.5% during the first quarter. Cornerstone Investment Partners LLC now owns 10,179 shares of the construction company's stock valued at $584,000 after purchasing an additional 2,441 shares during the period. Hedge funds and other institutional investors own 91.82% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Janney Montgomery Scott initiated coverage on Primoris Services in a research report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target on the stock. KeyCorp raised their target price on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Guggenheim restated a "buy" rating and issued a $110.00 price objective on shares of Primoris Services in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Piper Sandler increased their target price on shares of Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.56.

Insider Buying and Selling

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $77.37, for a total value of $1,160,550.00. Following the transaction, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. The trade was a 12.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.40% of the stock is owned by company insiders.

Primoris Services Price Performance

Shares of Primoris Services stock traded up $2.99 on Friday, hitting $92.92. 772,997 shares of the company were exchanged, compared to its average volume of 914,902. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $93.84. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $5.02 billion, a price-to-earnings ratio of 30.77 and a beta of 1.37. The company has a 50-day moving average price of $78.85 and a 200 day moving average price of $71.78.

Primoris Services (NASDAQ:PRIM - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.28. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Primoris Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.34%. The ex-dividend date was Monday, June 30th. Primoris Services's payout ratio is currently 8.47%.

Primoris Services 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.