Bridgewater Associates LP Cuts Stake in Quanta Services, Inc. (PWR)
Bridgewater Associates LP cut its position in Quanta Services, Inc. (NYSE:PWR) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,166 shares of the construction company’s stock after selling 550 shares during the period. Bridgewater Associates LP’s holdings in Quanta Services were worth $203,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in PWR. Segantii Capital Management Ltd acquired a new position in shares of Quanta Services in the first quarter valued at about $115,000. Ameritas Investment Partners Inc. acquired a new position in shares of Quanta Services in the first quarter valued at about $134,000. Bessemer Group Inc. increased its holdings in shares of 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 purchasing an additional 840 shares during the period. Commonwealth Bank of Australia acquired a new position in shares of Quanta Services in the second quarter valued at about $164,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Quanta Services by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock valued at $189,000 after purchasing an additional 708 shares during the period. 88.51% of the stock is currently owned by institutional investors and hedge funds.
In other Quanta Services news, EVP Randall C. Wisenbaker sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the transaction, the executive vice president now owns 34,797 shares in the company, valued at approximately $1,223,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total value of $143,160.00. Following the transaction, the director now owns 17,152 shares in the company, valued at approximately $613,870.08. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock worth $597,550 in the last quarter. 0.70% of the stock is currently owned by insiders.
Shares of Quanta Services, Inc. (PWR) opened at 36.34 on Tuesday. Quanta Services, Inc. has a one year low of $24.49 and a one year high of $38.82. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 20.66 and a beta of 0.83. The firm has a 50-day moving average price of $35.39 and a 200 day moving average price of $34.42.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the firm posted $0.18 EPS. The business’s revenue for the quarter was up 22.8% on a year-over-year basis. Equities analysts forecast that Quanta Services, Inc. will post $2.03 earnings per share for the current fiscal year.
Quanta Services declared that its board has initiated a stock buyback program on Thursday, May 25th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
A number of brokerages have recently weighed in on PWR. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 price objective on shares of Quanta Services in a report on Thursday, September 7th. BidaskClub lowered Quanta Services from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Citigroup Inc. raised Quanta Services from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, August 18th. Zacks Investment Research lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, FBR & Co raised Quanta Services to an “outperform” rating and raised their target price for the stock from $40.00 to $45.00 in a report on Wednesday, August 9th. 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 stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $41.44.
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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