Quanta Services, Inc. (PWR) Stake Increased by 1060 Capital LLC
1060 Capital LLC raised its position in Quanta Services, Inc. (NYSE:PWR) by 94.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 632,811 shares of the construction company’s stock after buying an additional 307,811 shares during the period. Quanta Services comprises about 4.8% of 1060 Capital LLC’s investment portfolio, making the stock its 11th largest position. 1060 Capital LLC owned 0.43% of Quanta Services worth $20,832,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in PWR. FTB Advisors Inc. boosted its stake 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 during the last quarter. Segantii Capital Management Ltd acquired a new stake in Quanta Services during the first quarter worth approximately $115,000. Ameritas Investment Partners Inc. acquired a new stake in Quanta Services during the first quarter worth approximately $134,000. Bessemer Group Inc. boosted its stake 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 during the last quarter. Finally, LBA Wealth Management LLC acquired a new stake in Quanta Services during the first quarter worth approximately $177,000. Institutional investors own 88.57% of the company’s stock.
Shares of Quanta Services, Inc. (NYSE PWR) opened at 34.89 on Tuesday. The company has a market capitalization of $5.41 billion, a PE ratio of 19.84 and a beta of 0.84. 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 price of $34.37 and a 200-day moving average price of $34.62.
Quanta Services (NYSE:PWR) last announced its 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. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the company earned $0.18 EPS. Quanta Services’s revenue was up 22.8% compared to the same quarter last year. Analysts predict that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services announced that its board has approved a stock repurchase plan on Thursday, May 25th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
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A number of equities research analysts have recently commented on PWR shares. TheStreet upgraded Quanta Services from a “c+” rating to a “b-” rating in a research note on Friday, July 7th. Zacks Investment Research upgraded Quanta Services from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research note on Monday, July 24th. Stifel Nicolaus restated a “buy” rating and issued a $43.00 price objective on shares of Quanta Services in a research note on Friday, July 7th. UBS AG upgraded Quanta Services from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $38.00 to $42.00 in a research note on Thursday, July 13th. Finally, ValuEngine upgraded Quanta Services from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Quanta Services has an average rating of “Buy” and a consensus price target of $41.44.
In other Quanta Services news, Director Patrick Wood III sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $34.51, for a total transaction of $138,040.00. Following the completion of the transaction, the director now owns 7,506 shares of the company’s stock, valued at $259,032.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by corporate insiders.
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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