Sandy Spring Bank reduced its position in Quanta Services, Inc. (NYSE:PWR) by 11.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,107 shares of the construction company’s stock after selling 3,513 shares during the period. Sandy Spring Bank’s holdings in Quanta Services were worth $1,486,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. acquired a new position in shares of Quanta Services during the second quarter worth about $1,081,000. Cypress Capital Group acquired a new position in shares of Quanta Services during the third quarter worth about $490,000. LSV Asset Management lifted its stake in shares of Quanta Services by 2.4% during the third quarter. LSV Asset Management now owns 201,262 shares of the construction company’s stock worth $10,638,000 after purchasing an additional 4,665 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Quanta Services by 22.5% during the third quarter. Envestnet Asset Management Inc. now owns 147,138 shares of the construction company’s stock worth $7,778,000 after purchasing an additional 27,019 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Quanta Services by 34.0% during the third quarter. Pacer Advisors Inc. now owns 49,596 shares of the construction company’s stock worth $2,622,000 after purchasing an additional 12,579 shares in the last quarter.
A number of research analysts have commented on PWR shares. DA Davidson cut Quanta Services from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $52.00 to $58.00 in a research note on Wednesday, October 21st. KeyCorp boosted their price objective on Quanta Services from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, October 27th. Citigroup boosted their price objective on Quanta Services from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, August 7th. UBS Group boosted their price objective on Quanta Services from $61.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, October 28th. Finally, Smith Barney Citigroup boosted their price objective on Quanta Services from $55.00 to $74.00 in a report on Tuesday, October 27th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $57.23.
Shares of NYSE PWR traded down $1.04 during midday trading on Tuesday, hitting $68.31. 5,988 shares of the company’s stock were exchanged, compared to its average volume of 1,460,865. The firm has a market cap of $9.63 billion, a P/E ratio of 27.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.74 and a quick ratio of 1.72. Quanta Services, Inc. has a twelve month low of $23.77 and a twelve month high of $70.32. The stock’s 50 day moving average price is $61.33 and its 200-day moving average price is $46.97.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 29th. The construction company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.31. The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.01 billion. Quanta Services had a return on equity of 11.02% and a net margin of 3.13%. The firm’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.14 earnings per share. On average, analysts expect that Quanta Services, Inc. will post 2.99 EPS for the current fiscal year.
Quanta Services announced that its board has authorized a share repurchase program on Thursday, August 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the construction company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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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