Alberta Investment Management Corp Buys 12,475 Shares of Primoris Services Co. (NASDAQ:PRIM)

Alberta Investment Management Corp increased its stake in Primoris Services Co. (NASDAQ:PRIM) by 21.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,365 shares of the construction company’s stock after buying an additional 12,475 shares during the quarter. Alberta Investment Management Corp owned approximately 0.13% of Primoris Services worth $5,376,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Primoris Services in the fourth quarter valued at $27,000. Nisa Investment Advisors LLC lifted its holdings in shares of Primoris Services by 414.2% during the third quarter. Nisa Investment Advisors LLC now owns 725 shares of the construction company’s stock worth $42,000 after buying an additional 584 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Primoris Services by 63.2% in the fourth quarter. Principal Securities Inc. now owns 886 shares of the construction company’s stock valued at $68,000 after acquiring an additional 343 shares during the period. Blue Trust Inc. grew its stake 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 acquiring an additional 197 shares in the last quarter. Finally, Millburn Ridgefield Corp bought a new position in Primoris Services during the third quarter worth about $59,000. 91.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PRIM. DA Davidson increased their price target on Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their price target on Primoris Services from $77.00 to $88.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 28th. KeyCorp initiated coverage on shares of Primoris Services in a research report on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price objective for the company. Guggenheim began coverage on shares of Primoris Services in a research report on Wednesday, January 8th. They issued a “buy” rating and a $102.00 target price for the company. Finally, 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 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. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $91.50.

Insiders Place Their Bets

In other Primoris Services news, Director David Lee King sold 2,000 shares of the firm’s stock in a transaction that occurred 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 approximately $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 accessible through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Primoris Services Stock Down 2.4 %

Shares of NASDAQ PRIM opened at $70.96 on Thursday. The company’s 50 day moving average price is $78.83 and its 200-day moving average price is $69.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. Primoris Services Co. has a 52-week low of $37.00 and a 52-week high of $90.86. The company has a market capitalization of $3.81 billion, a P/E ratio of 23.50 and a beta of 1.14.

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.