Bank of New York Mellon Corp Trims Stake in Quanta Services, Inc. (PWR)
Bank of New York Mellon Corp reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 1.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,168,014 shares of the construction company’s stock after selling 100,642 shares during the period. Bank of New York Mellon Corp owned about 4.08% of Quanta Services worth $230,499,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PWR. Thrivent Financial For Lutherans bought a new position in Quanta Services in the 1st quarter worth approximately $206,000. Teachers Retirement System of The State of Kentucky bought a new position in Quanta Services in the 1st quarter worth approximately $716,000. LS Investment Advisors LLC boosted its holdings in Quanta Services by 14.0% in the 2nd quarter. LS Investment Advisors LLC now owns 9,566 shares of the construction company’s stock worth $315,000 after buying an additional 1,173 shares during the period. Aperio Group LLC boosted its holdings in Quanta Services by 9.7% in the 2nd quarter. Aperio Group LLC now owns 69,592 shares of the construction company’s stock worth $2,291,000 after buying an additional 6,155 shares during the period. Finally, US Bancorp DE boosted its holdings in Quanta Services by 4.2% in the 2nd quarter. US Bancorp DE now owns 7,641 shares of the construction company’s stock worth $252,000 after buying an additional 307 shares during the period. 86.76% of the stock is owned by institutional investors.
Shares of Quanta Services, Inc. (NYSE PWR) opened at $36.01 on Friday. Quanta Services, Inc. has a 52 week low of $30.23 and a 52 week high of $38.82. The company has a quick ratio of 1.80, a current ratio of 1.85 and a debt-to-equity ratio of 0.20. The stock has a market cap of $5,571.50, a P/E ratio of 18.85, a price-to-earnings-growth ratio of 2.54 and a beta of 0.87.
Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, November 2nd. The construction company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Quanta Services had a net margin of 3.18% and a return on equity of 8.47%. The business’s quarterly revenue was up 27.8% on a year-over-year basis. During the same quarter last year, the company posted $0.55 EPS. equities analysts anticipate that Quanta Services, Inc. will post 1.77 earnings per share for the current fiscal year.
In other news, Director Patrick Wood III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total transaction of $138,040.00. Following the sale, the director now owns 7,506 shares in the company, valued at approximately $259,032.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, the executive vice president now owns 34,797 shares in the company, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
Several research analysts recently commented on PWR shares. Zacks Investment Research raised shares of Quanta Services from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Monday, October 16th. Robert W. Baird reaffirmed a “hold” rating and issued a $39.00 price objective on shares of Quanta Services in a report on Friday, October 6th. BidaskClub downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Quanta Services in a report on Friday, August 4th. Finally, Seaport Global Securities reaffirmed a “buy” rating and issued a $45.00 price objective (up from $41.00) on shares of Quanta Services in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Quanta Services presently has an average rating of “Buy” and a consensus target price of $44.55.
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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