Van Berkom & Associates Inc. Sells 67,003 Shares of Primoris Services Co. (NASDAQ:PRIM)

Van Berkom & Associates Inc. lowered its stake in shares of Primoris Services Co. (NASDAQ:PRIM) by 6.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,056,692 shares of the construction company’s stock after selling 67,003 shares during the period. Primoris Services accounts for 1.9% of Van Berkom & Associates Inc.’s portfolio, making the stock its 28th largest position. Van Berkom & Associates Inc.’s holdings in Primoris Services were worth $60,665,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PRIM. JPMorgan Chase & Co. increased 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 valued at $59,026,000 after acquiring an additional 381,284 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Primoris Services by 34.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,922 shares of the construction company’s stock worth $799,000 after purchasing an additional 3,561 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Primoris Services in the 1st quarter worth about $231,000. SG Americas Securities LLC bought a new stake in Primoris Services in the 1st quarter worth approximately $1,070,000. Finally, KBC Group NV lifted its position in Primoris Services by 24.5% in the 1st quarter. KBC Group NV now owns 2,831 shares of the construction company’s stock worth $163,000 after buying an additional 558 shares during the last quarter. 91.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRIM. Guggenheim reiterated a “buy” rating and set a $110.00 price target on shares of Primoris Services in a research report on Thursday, July 17th. Janney Montgomery Scott began coverage on shares of Primoris Services in a report on Thursday, July 3rd. They set a “buy” rating and a $102.00 target price on the stock. KeyCorp lifted their target price on shares of Primoris Services from $79.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price target on shares of Primoris Services from $90.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Piper Sandler raised their price objective on Primoris Services from $75.00 to $76.00 and gave the company 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 company’s stock. According to MarketBeat.com, Primoris Services presently has a consensus rating of “Moderate Buy” and an average target price of $91.56.

Primoris Services Stock Performance

Primoris Services stock opened at $92.92 on Friday. 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 has a market cap of $5.02 billion, a P/E ratio of 30.77 and a beta of 1.37. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $93.84. The firm has a 50-day moving average of $78.85 and a 200-day moving average of $71.83.

Primoris Services (NASDAQ:PRIM) last released its quarterly earnings data on Monday, May 5th. The construction company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.28. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business’s revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. Sell-side analysts expect that Primoris Services Co. will post 3.26 EPS for the current year.

Primoris Services Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend was Monday, June 30th. Primoris Services’s payout ratio is 8.47%.

Insiders Place Their Bets

In other Primoris Services news, Director John P. Schauerman sold 15,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the director directly owned 102,281 shares in the company, valued at approximately $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company insiders.

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.