Mcrae Capital Management Inc. Sells 5,350 Shares of Quanta Services, Inc. (PWR)
Mcrae Capital Management Inc. reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,000 shares of the construction company’s stock after selling 5,350 shares during the period. Quanta Services comprises 1.8% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 22nd largest position. Mcrae Capital Management Inc. owned approximately 0.09% of Quanta Services worth $4,444,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in PWR. Vanguard Group Inc. raised its position in shares of Quanta Services by 4.6% in the first quarter. Vanguard Group Inc. now owns 14,220,685 shares of the construction company’s stock valued at $527,729,000 after buying an additional 621,973 shares during the period. BlackRock Inc. boosted its stake in Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock valued at $310,240,000 after buying an additional 8,121,431 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Quanta Services by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 6,543,704 shares of the construction company’s stock valued at $242,837,000 after buying an additional 125,263 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Quanta Services by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,642,263 shares of the construction company’s stock valued at $172,273,000 after buying an additional 189,062 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Quanta Services by 13.9% in the first quarter. Victory Capital Management Inc. now owns 4,556,087 shares of the construction company’s stock valued at $169,076,000 after buying an additional 556,173 shares in the last quarter. 89.40% of the stock is owned by institutional investors.
Quanta Services, Inc. (NYSE:PWR) traded down 0.20% during mid-day trading on Friday, hitting $35.61. 1,507,251 shares of the company traded hands. The firm has a market capitalization of $5.53 billion, a P/E ratio of 20.24 and a beta of 0.84. Quanta Services, Inc. has a one year low of $24.49 and a one year high of $38.82. The firm 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 data on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the business earned $0.18 earnings per share. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. Equities research analysts expect that Quanta Services, Inc. will post $2.03 earnings per share for the current fiscal year.
Quanta Services declared that its board has approved a stock repurchase program on Thursday, May 25th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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Several equities research analysts recently commented on the stock. Zacks Investment Research cut shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. FBR & Co raised shares of Quanta Services to an “outperform” rating and boosted their price target for the stock from $40.00 to $45.00 in a research report on Wednesday. Stifel Nicolaus reissued a “buy” rating and set a $45.00 price target on shares of Quanta Services in a research report on Friday, August 4th. Credit Suisse Group reissued a “buy” rating and set a $47.00 price target on shares of Quanta Services in a research report on Friday, August 4th. Finally, BidaskClub raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Quanta Services presently has a consensus rating of “Buy” and a consensus price target of $41.11.
About Quanta Services
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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