Van Berkom & Associates Inc. Has $87.75 Million Stake in Primoris Services Co. $PRIM

Van Berkom & Associates Inc. reduced its position in Primoris Services Co. (NASDAQ:PRIM) by 34.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 638,979 shares of the construction company’s stock after selling 341,968 shares during the period. Primoris Services makes up 2.5% of Van Berkom & Associates Inc.’s investment portfolio, making the stock its 12th largest holding. Van Berkom & Associates Inc. owned about 1.18% of Primoris Services worth $87,751,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PRIM. First Trust Advisors LP grew its stake in shares of Primoris Services by 56.4% during the 2nd quarter. First Trust Advisors LP now owns 1,833,105 shares of the construction company’s stock worth $142,872,000 after acquiring an additional 660,915 shares during the period. State Street Corp grew its stake in shares of Primoris Services by 2.6% during the second quarter. State Street Corp now owns 1,320,947 shares of the construction company’s stock valued at $103,058,000 after buying an additional 33,399 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Primoris Services by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,281,524 shares of the construction company’s stock valued at $99,895,000 after purchasing an additional 24,254 shares during the period. Invesco Ltd. boosted its holdings in shares of Primoris Services by 9.9% during the second quarter. Invesco Ltd. now owns 1,142,010 shares of the construction company’s stock worth $89,008,000 after purchasing an additional 103,038 shares during the period. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Primoris Services by 80.4% during the second quarter. Westfield Capital Management Co. LP now owns 654,223 shares of the construction company’s stock valued at $50,990,000 after acquiring an additional 291,494 shares in the last quarter. Institutional investors own 91.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PRIM shares. DA Davidson boosted their price target on Primoris Services from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Roth Mkm started coverage on shares of Primoris Services in a research note on Thursday, October 9th. They set a “buy” rating and a $170.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and set a $161.00 price target on shares of Primoris Services in a report on Wednesday, November 5th. KeyCorp upped their price target on shares of Primoris Services from $154.00 to $159.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Finally, Mizuho set a $129.00 target price on shares of Primoris Services in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Primoris Services has an average rating of “Moderate Buy” and an average target price of $144.93.

Primoris Services Stock Up 1.5%

PRIM stock opened at $155.15 on Wednesday. The firm has a 50-day simple moving average of $134.64 and a 200-day simple moving average of $126.16. Primoris Services Co. has a 52 week low of $49.10 and a 52 week high of $158.00. 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 $8.38 billion, a P/E ratio of 51.38 and a beta of 1.36.

Primoris Services (NASDAQ:PRIM) last released its earnings results on Monday, November 3rd. The construction company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.51. The business had revenue of $2.18 billion for the quarter, compared to analyst estimates of $1.83 billion. Primoris Services had a net margin of 2.68% and a return on equity of 15.23%. The business’s revenue was up 32.1% on a year-over-year basis. During the same period last year, the company posted $1.22 EPS. Equities analysts forecast that Primoris Services Co. will post 3.26 earnings per share for the current fiscal year.

Insider Activity

In other Primoris Services news, Director Patricia K. Wagner sold 13,491 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $125.23, for a total value of $1,689,477.93. Following the completion of the sale, the director owned 4,495 shares of the company’s stock, valued at approximately $562,908.85. This trade represents a 75.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Schauerman sold 7,815 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $136.00, for a total value of $1,062,840.00. Following the sale, the director owned 74,466 shares in the company, valued at approximately $10,127,376. The trade was a 9.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 26,888 shares of company stock valued at $3,488,679. 1.40% of the stock is owned by insiders.

Primoris Services Company Profile

Primoris Services Corporation is a diversified infrastructure construction company that provides a wide range of specialty contracting services across North America. The company’s operations span pipe fabrication, pipeline construction, mechanical and electrical installations, civil and structural work, and maintenance services. Primoris serves clients in the energy, utility, transportation, water and wastewater, and industrial markets, delivering turnkey solutions from design and engineering through construction and operations support.

Within its two primary business segments—Pipeline & Facility and Civil & Utility—Primoris offers pipeline installation, compressor station construction, pump station projects, and above-ground facility work.