Texas Permanent School Fund lowered its stake in shares of Quanta Services Inc (NYSE:PWR) by 8.5% in the third quarter, Holdings Channel reports. The institutional investor owned 33,406 shares of the construction company’s stock after selling 3,103 shares during the period. Texas Permanent School Fund’s holdings in Quanta Services were worth $1,115,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in PWR. Allianz Asset Management GmbH raised its position in shares of Quanta Services by 8.3% during the first quarter. Allianz Asset Management GmbH now owns 355,825 shares of the construction company’s stock valued at $12,223,000 after buying an additional 27,263 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Quanta Services by 14.1% during the second quarter. State of Alaska Department of Revenue now owns 37,290 shares of the construction company’s stock valued at $1,243,000 after buying an additional 4,620 shares during the last quarter. Fox Run Management L.L.C. raised its position in shares of Quanta Services by 37.2% during the second quarter. Fox Run Management L.L.C. now owns 15,363 shares of the construction company’s stock valued at $513,000 after buying an additional 4,165 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Quanta Services by 6,386.1% during the second quarter. Assenagon Asset Management S.A. now owns 424,259 shares of the construction company’s stock valued at $14,170,000 after buying an additional 417,718 shares during the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of Quanta Services during the second quarter valued at about $579,000. 85.42% of the stock is owned by institutional investors and hedge funds.

NYSE:PWR opened at $34.84 on Friday. Quanta Services Inc has a 12-month low of $30.25 and a 12-month high of $40.10. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.86 and a quick ratio of 1.81. The stock has a market capitalization of $5.29 billion, a P/E ratio of 17.26, a price-to-earnings-growth ratio of 1.76 and a beta of 0.84.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, November 1st. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.09). Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same period last year, the company earned $0.63 EPS. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. Equities analysts predict that Quanta Services Inc will post 2.52 EPS for the current fiscal year.

Quanta Services declared that its board has initiated a stock buyback program on Tuesday, September 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the construction company to buy up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

PWR has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Monday, July 16th. B. Riley upped their price objective on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, August 6th. ValuEngine lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research report on Wednesday, August 8th. Cfra reaffirmed a “buy” rating and set a $40.00 price objective on shares of Quanta Services in a research report on Thursday, September 6th. Finally, Citigroup cut their price objective on shares of Quanta Services from $53.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $44.80.

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About Quanta Services

Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.

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Institutional Ownership by Quarter for Quanta Services (NYSE:PWR)

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