Van Berkom & Associates Inc. Buys 336,058 Shares of Primoris Services Corporation $PRIM

Van Berkom & Associates Inc. increased its stake in shares of Primoris Services Corporation (NYSE:PRIM) by 66.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 845,215 shares of the company’s stock after acquiring an additional 336,058 shares during the quarter. Primoris Services comprises about 2.2% of Van Berkom & Associates Inc.’s holdings, making the stock its 23rd largest position. Van Berkom & Associates Inc.’s holdings in Primoris Services were worth $62,985,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of America Corp DE acquired a new stake in shares of Primoris Services in the 2nd quarter valued at $17,268,000. Royal Bank of Canada raised its position in shares of Primoris Services by 79.7% during the first quarter. Royal Bank of Canada now owns 55,614 shares of the company’s stock worth $7,955,000 after acquiring an additional 24,672 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in shares of Primoris Services during the second quarter valued at $2,514,000. Vontobel Holding Ltd. lifted its stake in shares of Primoris Services by 34.0% during the third quarter. Vontobel Holding Ltd. now owns 452,306 shares of the company’s stock valued at $33,706,000 after acquiring an additional 114,640 shares during the period. Finally, Raiffeisen Bank International AG lifted its stake in shares of Primoris Services by 904.8% during the second quarter. Raiffeisen Bank International AG now owns 198,000 shares of the company’s stock valued at $19,254,000 after acquiring an additional 178,294 shares during the period. Institutional investors and hedge funds own 91.82% of the company’s stock.

Primoris Services Trading Up 8.6%

PRIM opened at $71.01 on Tuesday. The company has a 50-day simple moving average of $74.51 and a 200 day simple moving average of $110.95. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 29.50 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.14 and a debt-to-equity ratio of 0.48. Primoris Services Corporation has a twelve month low of $57.72 and a twelve month high of $205.50.

Primoris Services (NYSE:PRIM) last released its earnings results on Tuesday, November 3rd. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.39. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The company’s quarterly revenue was down 10.4% on a year-over-year basis. Analysts predict that Primoris Services Corporation will post 1.77 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Thursday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $0.32 annualized dividend and a yield of 0.5%. Primoris Services’s dividend payout ratio is presently 18.08%.

Analyst Ratings Changes

PRIM has been the topic of several recent research reports. Oppenheimer decreased their price target on Primoris Services from $135.00 to $115.00 and set an “outperform” rating on the stock in a report on Thursday, November 5th. Weiss Ratings restated a “hold (c)” rating on shares of Primoris Services in a report on Tuesday, November 3rd. Mizuho set a $111.00 price objective on shares of Primoris Services in a research report on Friday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $105.00 price target on shares of Primoris Services in a research report on Tuesday, September 29th. Finally, Wells Fargo & Company decreased their target price on Primoris Services from $85.00 to $64.00 and set an “equal weight” rating on the stock in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.53.

About Primoris Services

Primoris Services Corporation is a specialty contractor that provides engineering, construction, maintenance and related services for infrastructure projects. Its customers include utilities and companies in the energy, industrial and communications sectors.

The company works on natural gas and electric infrastructure, pipelines, renewable energy facilities and other power-related projects. Its services can span project planning and design through construction, repair and ongoing maintenance.

Primoris serves customers primarily in the United States and Canada.