Chicago Equity Partners LLC Has $10.58 Million Stake in Quanta Services, Inc. (PWR)
Chicago Equity Partners LLC lowered its stake in Quanta Services, Inc. (NYSE:PWR) by 17.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 321,284 shares of the construction company’s stock after selling 68,320 shares during the period. Chicago Equity Partners LLC owned approximately 0.22% of Quanta Services worth $10,577,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FTB Advisors Inc. boosted 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 valued at $103,000 after buying an additional 1,676 shares in the last quarter. Segantii Capital Management Ltd purchased a new position in Quanta Services during the first quarter valued at about $115,000. Ameritas Investment Partners Inc. purchased a new position in Quanta Services during the first quarter valued at about $134,000. Bessemer Group Inc. boosted 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 valued at $152,000 after buying an additional 840 shares in the last quarter. Finally, LBA Wealth Management LLC purchased a new position in Quanta Services during the first quarter valued at about $177,000. 88.57% of the stock is owned by hedge funds and other institutional investors.
Shares of Quanta Services, Inc. (NYSE:PWR) traded up 0.57% during mid-day trading on Thursday, reaching $35.58. 155,465 shares of the company were exchanged. Quanta Services, Inc. has a 12 month low of $24.49 and a 12 month high of $38.82. The firm has a market capitalization of $5.52 billion, a PE ratio of 20.23 and a beta of 0.84. The company’s 50 day moving average price is $34.37 and its 200 day moving average price is $34.62.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share 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 for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.18 EPS. The firm’s quarterly revenue was up 22.8% compared to the same quarter last year. Equities analysts anticipate that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services declared that its Board of Directors has approved a stock buyback program on Thursday, May 25th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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PWR has been the subject of several analyst reports. TheStreet raised shares of Quanta Services from a “c+” rating to a “b-” rating in a report on Friday, July 7th. Zacks Investment Research raised shares of Quanta Services from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and set a $43.00 price target on shares of Quanta Services in a report on Friday, July 7th. UBS AG raised shares of Quanta Services from a “neutral” rating to a “buy” rating and increased their price target for the stock from $38.00 to $42.00 in a report on Thursday, July 13th. Finally, ValuEngine raised shares of Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $41.44.
In other news, Director Patrick Wood III sold 4,000 shares of Quanta Services stock in a transaction 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 sale, the director now owns 7,506 shares of the company’s stock, valued at $259,032.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is currently owned by company 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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