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

Key Points

• Van Berkom & Associates Inc. reduced its holdings in Primoris Services Co. by 6.0%, selling 67,003 shares and now holds 1,056,692 shares of the company.
• JPMorgan Chase & Co. significantly increased its position by 97.4%, now owning 772,591 shares after acquiring an additional 381,284 shares.
• Analysts have a consensus rating of "Moderate Buy" with a target price of $91.56, indicating optimism about the company's growth potential.

Van Berkom & Associates Inc. reduced its position in shares of Primoris Services Co. (NASDAQ:PRIM - Free Report) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,056,692 shares of the construction company's stock after selling 67,003 shares during the period. Primoris Services makes up about 1.9% of Van Berkom & Associates Inc.'s investment portfolio, making the stock its 28th largest position. Van Berkom & Associates Inc. owned approximately 1.96% of Primoris Services worth $60,665,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of Primoris Services by 294.1% in the 1st quarter. Versant Capital Management Inc now owns 465 shares of the construction company's stock valued at $27,000 after acquiring an additional 347 shares in the last quarter. Sound Income Strategies LLC bought a new position in shares of Primoris Services in the 1st quarter valued at approximately $45,000. Covestor Ltd raised its stake in shares of Primoris Services by 4,550.0% in the 4th quarter. Covestor Ltd now owns 930 shares of the construction company's stock valued at $71,000 after acquiring an additional 910 shares in the last quarter. Farther Finance Advisors LLC raised its stake in shares of Primoris Services by 166.1% in the 1st quarter. Farther Finance Advisors LLC now owns 2,041 shares of the construction company's stock valued at $118,000 after acquiring an additional 1,274 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Primoris Services by 130.9% in the 1st quarter. Blue Trust Inc. now owns 2,256 shares of the construction company's stock valued at $130,000 after acquiring an additional 1,279 shares in the last quarter. 91.82% of the stock is owned by institutional investors and hedge funds.

Primoris Services Stock Up 2.1%

Primoris Services stock traded up $1.93 during midday trading on Wednesday, reaching $94.62. The stock had a trading volume of 307,075 shares, compared to its average volume of 907,092. The firm's fifty day simple moving average is $79.19 and its 200-day simple moving average is $71.84. Primoris Services Co. has a 1-year low of $45.92 and a 1-year high of $94.89. The stock has a market capitalization of $5.11 billion, a P/E ratio of 31.33 and a beta of 1.37. 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 (NASDAQ:PRIM - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.49 billion. Primoris Services had a return on equity of 15.23% and a net margin of 2.68%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. As a group, analysts expect that Primoris Services Co. will post 3.26 EPS for the current fiscal year.

Primoris Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.08 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.32 annualized dividend and a yield of 0.34%. Primoris Services's dividend payout ratio is presently 8.47%.

Insiders Place Their Bets

In related news, Director John P. Schauerman sold 15,000 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $77.37, for a total transaction of $1,160,550.00. Following the completion of the sale, the director directly owned 102,281 shares in the company, valued at $7,913,480.97. This represents a 12.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Primoris Services in a report on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on Primoris Services from $90.00 to $102.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. KeyCorp upped their price target on Primoris Services from $79.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Piper Sandler upped their price target on Primoris Services from $75.00 to $76.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Finally, Janney Montgomery Scott assumed coverage on Primoris Services in a report on Thursday, July 3rd. They set a "buy" rating and a $102.00 price target for the company. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $91.56.

About Primoris Services

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.