Van Berkom & Associates Inc. Sells 270,241 Shares of Primoris Services Co. (NASDAQ:PRIM)

Van Berkom & Associates Inc. cut its stake in Primoris Services Co. (NASDAQ:PRIM) by 19.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,123,695 shares of the construction company’s stock after selling 270,241 shares during the quarter. Primoris Services accounts for about 2.5% of Van Berkom & Associates Inc.’s investment portfolio, making the stock its 15th largest holding. Van Berkom & Associates Inc.’s holdings in Primoris Services were worth $85,850,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in PRIM. Quest Partners LLC grew its position in Primoris Services by 1,945.8% in the 3rd quarter. Quest Partners LLC now owns 16,244 shares of the construction company’s stock worth $943,000 after purchasing an additional 15,450 shares during the period. Harbor Capital Advisors Inc. grew its holdings in shares of Primoris Services by 12,845.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,396 shares of the construction company’s stock worth $1,711,000 after acquiring an additional 22,223 shares during the period. Benjamin Edwards Inc. increased its position in Primoris Services by 40,543.8% during the third quarter. Benjamin Edwards Inc. now owns 6,503 shares of the construction company’s stock valued at $378,000 after acquiring an additional 6,487 shares during the last quarter. AMI Asset Management Corp increased its position in Primoris Services by 50.0% during the fourth quarter. AMI Asset Management Corp now owns 19,052 shares of the construction company’s stock valued at $1,456,000 after acquiring an additional 6,350 shares during the last quarter. Finally, Ausbil Investment Management Ltd lifted its holdings in Primoris Services by 31.8% in the third quarter. Ausbil Investment Management Ltd now owns 58,223 shares of the construction company’s stock valued at $3,382,000 after acquiring an additional 14,033 shares during the period. 91.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Primoris Services news, Director David Lee King sold 2,000 shares of the stock in a transaction 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 completion of the sale, the director now owns 23,818 shares in the company, valued at approximately $2,000,235.64. This represents a 7.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PRIM. KeyCorp started coverage on Primoris Services in a research note on Wednesday, December 11th. They set an “overweight” rating and a $96.00 price target for the company. JPMorgan Chase & Co. boosted their target price on shares of Primoris Services from $77.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, January 28th. DA Davidson increased their price target 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 boosted their price objective 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. Finally, UBS Group raised their target price on Primoris Services from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $91.50.

Primoris Services Price Performance

Shares of NASDAQ:PRIM opened at $67.56 on Friday. The company has a market capitalization of $3.63 billion, a P/E ratio of 19.83 and a beta of 1.14. Primoris Services Co. has a 1-year low of $37.00 and a 1-year high of $90.86. The firm’s 50 day simple moving average is $78.58 and its two-hundred day simple moving average is $69.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.38 and a quick ratio of 1.38.

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.