Wakefield Asset Management LLLP Takes $62,000 Position in Quanta Services Inc (PWR)
Wakefield Asset Management LLLP acquired a new position in shares of Quanta Services Inc (NYSE:PWR) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,652 shares of the construction company’s stock, valued at approximately $62,000.
Several other institutional investors have also bought and sold shares of the company. Vanguard Group Inc boosted its stake in shares of Quanta Services by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 15,472,260 shares of the construction company’s stock worth $516,464,000 after buying an additional 139,596 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Quanta Services by 2.4% during the 4th quarter. BlackRock Inc. now owns 8,971,475 shares of the construction company’s stock worth $270,042,000 after buying an additional 207,321 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Quanta Services by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 6,612,780 shares of the construction company’s stock worth $199,045,000 after buying an additional 396,564 shares during the last quarter. Peconic Partners LLC boosted its stake in shares of Quanta Services by 20.1% during the 4th quarter. Peconic Partners LLC now owns 3,690,373 shares of the construction company’s stock worth $111,080,000 after buying an additional 618,459 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Quanta Services by 14.7% during the 4th quarter. Millennium Management LLC now owns 2,977,495 shares of the construction company’s stock worth $89,623,000 after buying an additional 380,948 shares during the last quarter. Institutional investors own 87.20% of the company’s stock.
A number of equities analysts have recently commented on PWR shares. B. Riley restated a “buy” rating and set a $47.00 price objective (down from $56.00) on shares of Quanta Services in a research note on Monday, March 11th. Citigroup set a $46.00 target price on shares of Quanta Services and gave the company a “buy” rating in a report on Friday, February 22nd. ValuEngine raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Thursday, January 24th. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating and set a $41.00 target price on the stock in a report on Monday, February 25th. Finally, DA Davidson cut shares of Quanta Services from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $42.80.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, May 2nd. The construction company reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.13. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Quanta Services had a net margin of 3.25% and a return on equity of 12.71%. Quanta Services’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 EPS. As a group, equities analysts forecast that Quanta Services Inc will post 3.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 19th. Stockholders of record on Friday, April 5th were issued a $0.04 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.45%. Quanta Services’s payout ratio is 6.32%.
In other Quanta Services news, EVP Donald Wayne sold 1,295 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $36.09, for a total value of $46,736.55. Following the transaction, the executive vice president now directly owns 30,054 shares of the company’s stock, valued at approximately $1,084,648.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Redgie Probst sold 100,000 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $40.00, for a total transaction of $4,000,000.00. Following the completion of the transaction, the insider now directly owns 47,420 shares in the company, valued at $1,896,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,295 shares of company stock worth $4,193,257. 1.20% of the stock is owned by insiders.
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About Quanta Services
Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.
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