WealthTrust Axiom LLC continued to hold its position in Quanta Services, Inc. (NYSE:PWR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,851 shares of the construction company’s stock at the end of the second quarter. WealthTrust Axiom LLC’s holdings in Quanta Services were worth $291,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FTB Advisors Inc. boosted its stake in shares of Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock valued at $103,000 after buying an additional 1,676 shares during the last quarter. Segantii Capital Management Ltd purchased a new position in shares of Quanta Services during the first quarter worth $115,000. Ameritas Investment Partners Inc. purchased a new position in shares of Quanta Services during the first quarter worth $134,000. Bessemer Group Inc. raised its position in shares of Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after buying an additional 840 shares during the last quarter. Finally, LBA Wealth Management LLC purchased a new position in shares of Quanta Services during the first quarter worth $177,000. Hedge funds and other institutional investors own 89.02% of the company’s stock.
Shares of Quanta Services, Inc. (NYSE:PWR) traded up 1.15% on Friday, reaching $34.22. The company’s stock had a trading volume of 499,566 shares. The firm has a market capitalization of $5.31 billion, a PE ratio of 19.45 and a beta of 0.84. Quanta Services, Inc. has a one year low of $24.49 and a one year high of $38.82. The firm has a 50-day moving average price of $34.13 and a 200 day moving average price of $34.70.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.03. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm’s revenue was up 22.8% compared to the same quarter last year. During the same period last year, the business posted $0.18 EPS. On average, analysts anticipate that Quanta Services, Inc. will post $2.03 earnings per share for the current fiscal year.
Quanta Services announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 25th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
PWR has been the subject of several recent research reports. BidaskClub downgraded Quanta Services from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Zacks Investment Research upgraded Quanta Services from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Credit Suisse Group reissued a “buy” rating and set a $46.00 price objective on shares of Quanta Services in a report on Wednesday, July 26th. ValuEngine raised Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, TheStreet cut Quanta Services from a “b” rating to a “c+” rating in a report on Friday, May 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. Quanta Services has an average rating of “Buy” and a consensus target price of $41.44.
In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total transaction of $143,160.00. Following the sale, the director now owns 17,152 shares of the company’s stock, valued at approximately $613,870.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by company insiders.
About Quanta Services
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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