Mcrae Capital Management Inc. reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 3.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,000 shares of the construction company’s stock after selling 5,350 shares during the period. Quanta Services comprises 1.8% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 22nd largest position. Mcrae Capital Management Inc. owned approximately 0.09% of Quanta Services worth $4,444,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Quanta Services by 4.6% in the first quarter. Vanguard Group Inc. now owns 14,220,685 shares of the construction company’s stock valued at $527,729,000 after buying an additional 621,973 shares in the last quarter. BlackRock Inc. boosted its stake in Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock valued at $310,240,000 after buying an additional 8,121,431 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Quanta Services by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 6,543,704 shares of the construction company’s stock valued at $242,837,000 after buying an additional 125,263 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Quanta Services by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,642,263 shares of the construction company’s stock valued at $172,273,000 after buying an additional 189,062 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Quanta Services by 13.9% in the first quarter. Victory Capital Management Inc. now owns 4,556,087 shares of the construction company’s stock valued at $169,076,000 after buying an additional 556,173 shares in the last quarter. 89.40% of the stock is owned by institutional investors.
Shares of Quanta Services, Inc. (NYSE PWR) traded down 0.20% on Friday, hitting $35.61. 1,507,251 shares of the company’s stock were exchanged. The firm has a market cap of $5.53 billion, a P/E ratio of 20.24 and a beta of 0.84. The stock’s 50 day moving average is $33.83 and its 200 day moving average is $34.77. Quanta Services, Inc. has a 12 month low of $24.49 and a 12 month high of $38.82.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business posted $0.18 EPS. Quanta Services’s revenue was up 22.8% on a year-over-year basis. On average, equities analysts predict that Quanta Services, Inc. will post $2.03 earnings per share for the current year.
Quanta Services announced that its board has approved a share repurchase program on Thursday, May 25th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.
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Several brokerages have commented on PWR. Zacks Investment Research cut shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. FBR & Co raised shares of Quanta Services to an “outperform” rating and boosted their price target for the stock from $40.00 to $45.00 in a research report on Wednesday. Stifel Nicolaus reissued a “buy” rating and set a $45.00 price target on shares of Quanta Services in a research report on Friday, August 4th. Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 target price on shares of Quanta Services in a report on Friday, August 4th. Finally, BidaskClub raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Quanta Services presently has a consensus rating of “Buy” and a consensus price target of $41.11.
Quanta Services Company Profile
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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