Highland Capital Management LLC acquired a new stake in shares of Quanta Services Inc (NYSE:PWR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 30,500 shares of the construction company’s stock, valued at approximately $1,018,000.
A number of other institutional investors have also made changes to their positions in the stock. Dupont Capital Management Corp raised its stake in shares of Quanta Services by 202.9% in the 2nd quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock valued at $136,000 after purchasing an additional 2,737 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Quanta Services in the 2nd quarter valued at about $204,000. BlueMountain Capital Management LLC acquired a new stake in shares of Quanta Services in the 2nd quarter valued at about $233,000. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Quanta Services in the 2nd quarter valued at about $244,000. Finally, MHI Funds LLC raised its stake in shares of Quanta Services by 93.9% in the 2nd quarter. MHI Funds LLC now owns 7,708 shares of the construction company’s stock valued at $257,000 after purchasing an additional 3,733 shares in the last quarter. 85.42% of the stock is owned by hedge funds and other institutional investors.
NYSE:PWR traded down $0.50 during trading hours on Friday, reaching $34.84. 1,812,800 shares of the company’s stock were exchanged, compared to its average volume of 1,512,460. The stock has a market capitalization of $5.29 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.76 and a beta of 0.84. 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 quick ratio of 1.81 and a current ratio of 1.86.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, November 1st. The construction company reported $0.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.09). The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.93 billion. Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The company’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, sell-side analysts expect that Quanta Services Inc will post 2.52 EPS for the current fiscal year.
Quanta Services announced that its Board of Directors has approved a stock buyback plan on Tuesday, September 4th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the construction company to reacquire up to 9.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
PWR has been the topic of a number of recent analyst reports. B. Riley upped their target price on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, August 6th. Zacks Investment Research upgraded shares of Quanta Services from a “sell” rating to a “hold” rating in a research note on Monday, July 23rd. ValuEngine lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Robert W. Baird dropped their price objective on shares of Quanta Services from $41.00 to $39.00 and set a “neutral” rating on the stock in a research note on Friday, November 2nd. Finally, Cfra restated a “buy” rating and issued a $40.00 target price on shares of Quanta Services in a research report on Thursday, September 6th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $44.80.
Quanta Services Company Profile
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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