336,058 Primoris Services Corporation $PRIM Shares Bought by Van Berkom & Associates Inc.

Key Points

• Van Berkom & Associates increased its Primoris Services stake by 66% in the third quarter, buying 336,058 shares. It ended the period with 845,215 shares, valued at about $63.0 million.
• Primoris reported quarterly EPS of $1.20, beating the $0.81 consensus estimate, while revenue of $1.95 billion missed estimates and fell 10.4% year over year.
• Analysts’ average rating was “Moderate Buy,” with an average price target of $115.53. The company also declared a quarterly dividend of $0.08 per share.

Van Berkom & Associates Inc. raised its stake in shares of Primoris Services Corporation (NYSE:PRIM - Free Report) by 66.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 845,215 shares of the company's stock after purchasing an additional 336,058 shares during the quarter. Primoris Services accounts for 2.2% of Van Berkom & Associates Inc.'s portfolio, making the stock its 23rd largest holding. Van Berkom & Associates Inc. owned approximately 1.57% of Primoris Services worth $62,985,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. AlphaCore Capital LLC acquired a new position in shares of Primoris Services in the 3rd quarter worth approximately $238,000. Fulcrum Asset Management LLP boosted its stake in Primoris Services by 6,605.6% in the 3rd quarter. Fulcrum Asset Management LLP now owns 6,035 shares of the company's stock valued at $448,000 after buying an additional 5,945 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Primoris Services by 20.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 226,769 shares of the company's stock valued at $17,291,000 after buying an additional 38,924 shares in the last quarter. Ethic Inc. grew its position in Primoris Services by 26.8% in the third quarter. Ethic Inc. now owns 4,588 shares of the company's stock valued at $342,000 after acquiring an additional 969 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Primoris Services by 25.9% in the third quarter. Pictet Asset Management Holding SA now owns 119,803 shares of the company's stock valued at $8,928,000 after acquiring an additional 24,614 shares during the period. 91.82% of the stock is currently owned by institutional investors.

Primoris Services Stock Up 8.6%

NYSE PRIM opened at $71.01 on Tuesday. The firm has a market cap of $3.82 billion, a PE ratio of 29.50 and a beta of 1.44. Primoris Services Corporation has a one year low of $57.72 and a one year high of $205.50. The stock's 50 day simple moving average is $74.51 and its 200 day simple moving average is $110.95. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.14 and a quick ratio of 1.18.

Primoris Services (NYSE:PRIM - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.39. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2 billion. Primoris Services had a return on equity of 7.72% and a net margin of 1.36%. The business's revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.88 EPS. As a group, sell-side analysts forecast that Primoris Services Corporation will post 1.77 earnings per share for the current fiscal year.

Primoris Services Announces Dividend

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

Analyst Ratings Changes

Several research firms have issued reports on PRIM. Zacks Research upgraded Primoris Services from a "strong sell" rating to a "hold" rating in a research note on Monday, August 24th. Piper Sandler reduced their target price on shares of Primoris Services from $90.00 to $80.00 and set a "neutral" rating on the stock in a research note on Monday. Guggenheim reduced their target price on shares of Primoris Services from $162.00 to $127.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. UBS Group reaffirmed a "neutral" rating on shares of Primoris Services in a report on Monday, August 10th. Finally, Oppenheimer dropped their target price on shares of Primoris Services from $135.00 to $115.00 and set an "outperform" rating for the company in a research report on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $115.53.

Primoris Services Company Profile

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.

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