Alliancebernstein L.P. Purchases 1,274,839 Shares of Primoris Services Co. (NASDAQ:PRIM)

Alliancebernstein L.P. increased its position in Primoris Services Co. (NASDAQ:PRIM) by 2,302.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 2.48% of Primoris Services worth $101,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Congress Asset Management Co. bought a new stake in shares of Primoris Services in the 4th quarter worth approximately $48,851,000. JPMorgan Chase & Co. lifted its stake in Primoris Services by 97.4% in the fourth quarter. JPMorgan Chase & Co. now owns 772,591 shares of the construction company’s stock worth $59,026,000 after purchasing an additional 381,284 shares during the last quarter. Norges Bank purchased a new stake in Primoris Services during the fourth quarter valued at about $22,636,000. Raymond James Financial Inc. bought a new position in shares of Primoris Services during the fourth quarter valued at about $21,199,000. Finally, Yaupon Capital Management LP increased its holdings in shares of Primoris Services by 28.4% in the third quarter. Yaupon Capital Management LP now owns 699,817 shares of the construction company’s stock worth $40,645,000 after buying an additional 154,627 shares during the period. Hedge funds and other institutional investors own 91.82% of the company’s stock.

Insider Activity

In related news, insider Jeremy Kinch sold 4,500 shares of Primoris Services stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $68.24, for a total transaction of $307,080.00. Following the completion of the transaction, the insider now directly owns 12,586 shares of the company’s stock, valued at $858,868.64. This trade represents a 26.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Edward Mccormick sold 61,390 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $64.10, for a total transaction of $3,935,099.00. Following the completion of the sale, the chief executive officer now owns 46,796 shares in the company, valued at approximately $2,999,623.60. This trade represents a 56.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,888 shares of company stock worth $4,310,043 in the last quarter. 0.90% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRIM. KeyCorp began coverage on Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target on the stock. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Primoris Services in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price target on shares of Primoris Services from $88.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Jefferies Financial Group began coverage on shares of Primoris Services in a report on Tuesday, March 11th. They issued a “buy” rating and a $73.00 price target on the stock. Finally, Guggenheim started 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. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Primoris Services currently has an average rating of “Buy” and an average target price of $89.14.

Primoris Services Trading Up 3.1 %

Shares of PRIM opened at $59.33 on Thursday. Primoris Services Co. has a 1-year low of $42.22 and a 1-year 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’s 50-day moving average price is $69.32 and its 200-day moving average price is $71.62. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 19.65 and a beta of 1.13.

Primoris Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.54%. The ex-dividend date is Monday, March 31st. Primoris Services’s dividend payout ratio is currently 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.