Van Berkom & Associates Inc. Reduces Stock Holdings in Primoris Services Co. (NASDAQ:PRIM)

Van Berkom & Associates Inc. cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 19.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,123,695 shares of the construction company’s stock after selling 270,241 shares during the quarter. Primoris Services comprises about 2.5% of Van Berkom & Associates Inc.’s holdings, making the stock its 15th biggest holding. Van Berkom & Associates Inc. owned about 2.09% of Primoris Services worth $85,850,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ieq Capital LLC bought a new position in Primoris Services in the fourth quarter worth about $237,000. Alberta Investment Management Corp grew its holdings in shares of Primoris Services by 21.5% during the 4th quarter. Alberta Investment Management Corp now owns 70,365 shares of the construction company’s stock worth $5,376,000 after acquiring an additional 12,475 shares during the period. Convergence Investment Partners LLC grew its holdings in shares of Primoris Services by 50.7% during the 4th quarter. Convergence Investment Partners LLC now owns 24,463 shares of the construction company’s stock worth $1,869,000 after acquiring an additional 8,235 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Primoris Services in the 4th quarter worth approximately $143,000. Finally, Sanctuary Advisors LLC lifted its stake in shares of Primoris Services by 13.0% in the 4th quarter. Sanctuary Advisors LLC now owns 6,486 shares of the construction company’s stock valued at $500,000 after purchasing an additional 746 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PRIM shares. UBS Group upped their price target on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. DA Davidson upped their target price on shares of Primoris Services from $60.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on shares of Primoris Services from $51.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Guggenheim assumed coverage on shares of Primoris Services in a research note on Wednesday, January 8th. They set a “buy” rating and a $102.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their target price on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $91.50.

Insider Activity

In related news, Director David Lee King sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $83.98, for a total value of $167,960.00. Following the transaction, the director now directly owns 23,818 shares of the company’s stock, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

Primoris Services Stock Performance

Shares of PRIM stock opened at $67.56 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 19.83 and a beta of 1.14. Primoris Services Co. has a one year low of $37.00 and a one year high of $90.86. The company’s 50-day moving average is $78.58 and its 200 day moving average is $69.12.

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.