Quanta Services, Inc. (PWR) Position Raised by DekaBank Deutsche Girozentrale
DekaBank Deutsche Girozentrale boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 12.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 133,050 shares of the construction company’s stock after buying an additional 15,000 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.09% of Quanta Services worth $4,242,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in PWR. Stephens Inc. AR boosted its stake in Quanta Services by 0.5% in the first quarter. Stephens Inc. AR now owns 5,980 shares of the construction company’s stock worth $222,000 after buying an additional 31 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Quanta Services by 0.4% in the second quarter. CIBC Asset Management Inc now owns 13,120 shares of the construction company’s stock worth $432,000 after buying an additional 53 shares in the last quarter. Intrust Bank NA boosted its stake in Quanta Services by 1.4% in the first quarter. Intrust Bank NA now owns 6,293 shares of the construction company’s stock worth $234,000 after buying an additional 86 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in Quanta Services by 0.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 31,071 shares of the construction company’s stock worth $1,023,000 after buying an additional 87 shares in the last quarter. Finally, New Mexico Educational Retirement Board boosted its stake in Quanta Services by 0.7% in the first quarter. New Mexico Educational Retirement Board now owns 15,382 shares of the construction company’s stock worth $571,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 89.02% of the company’s stock.
Shares of Quanta Services, Inc. (PWR) opened at 34.27 on Thursday. Quanta Services, Inc. has a 52 week low of $24.49 and a 52 week high of $38.82. The company has a 50-day moving average of $34.09 and a 200 day moving average of $34.71. The firm has a market capitalization of $5.32 billion, a P/E ratio of 19.48 and a beta of 0.84.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 22.8% on a year-over-year basis. Equities research analysts anticipate that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services declared that its board has authorized a share buyback plan on Thursday, May 25th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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A number of research firms have issued reports on PWR. Zacks Investment Research cut Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. Credit Suisse Group reiterated a “buy” rating and set a $46.00 target price on shares of Quanta Services in a report on Wednesday, July 26th. Robert W. Baird cut Quanta Services from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $41.00 to $38.00 in a report on Wednesday, July 26th. Johnson Rice upgraded Quanta Services from an “accumulate” rating to a “buy” rating and increased their target price for the stock from $41.00 to $43.00 in a report on Friday, August 4th. Finally, BidaskClub upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $41.11.
In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $35.79, for a total value of $143,160.00. Following the transaction, the director now directly owns 17,152 shares in the company, valued at $613,870.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is owned by insiders.
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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