Essex Investment Management Co. LLC Reduces Stake in Quanta Services, Inc. (NYSE:PWR)
Essex Investment Management Co. LLC lowered its position in shares of Quanta Services, Inc. (NYSE:PWR) by 1.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 26,672 shares of the construction company’s stock after selling 295 shares during the period. Essex Investment Management Co. LLC’s holdings in Quanta Services were worth $878,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in PWR. FTB Advisors Inc. raised its position in Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock worth $103,000 after buying an additional 1,676 shares in the last quarter. Segantii Capital Management Ltd bought a new position in Quanta Services during the first quarter worth approximately $115,000. Ameritas Investment Partners Inc. bought a new position in Quanta Services during the first quarter worth approximately $134,000. Bessemer Group Inc. raised its position in Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after buying an additional 840 shares in the last quarter. Finally, LBA Wealth Management LLC bought a new position in Quanta Services during the first quarter worth approximately $177,000. 89.40% of the stock is currently owned by institutional investors.
Shares of Quanta Services, Inc. (NYSE PWR) traded down 0.20% during midday trading on Friday, hitting $35.61. 1,507,251 shares of the company’s stock were exchanged. Quanta Services, Inc. has a 52 week low of $24.49 and a 52 week high of $38.82. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 20.24 and a beta of 0.84. The company has a 50-day moving average of $33.83 and a 200-day moving average of $34.77.
Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.13 billion. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The business’s revenue was up 22.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. Equities research analysts expect that Quanta Services, Inc. will post $2.03 EPS for the current fiscal year.
Quanta Services announced that its Board of Directors has approved a share repurchase plan on Thursday, May 25th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several research analysts have issued reports on PWR shares. TheStreet upgraded shares of Quanta Services from a “c+” rating to a “b-” rating in a research report on Friday, July 7th. Zacks Investment Research upgraded shares of Quanta Services from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Monday, July 24th. Stifel Nicolaus restated a “buy” rating and issued a $43.00 price target on shares of Quanta Services in a research report on Friday, July 7th. UBS AG upgraded shares of Quanta Services from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $42.00 in a research report on Thursday, July 13th. Finally, ValuEngine upgraded shares of Quanta Services from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $41.11.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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